Cogent Communications Holdings, Inc. (NASDAQ: CCOI – ACHIEVED RATED) saw a sharp increase in short interest in October. As of Oct. 15, short interest totaled 1,910,000 shares, an increase of 7.9% from 1,770,000 shares on Sept. 30. About 4.5% of the company’s shares were sold short. Based on an average daily volume of 307,400 shares, the current short interest rate is 6.2 days.
Analyst Rating Changes
Several research analysts have commented on the company recently. StockNews.com reports on Cogent Communications in a research report on Wednesday, October 12. They set a “hold” rating for the company. Cowen lowered its price target on Cogent Communications to $62.00 in a research note on Tuesday, Aug. 9. KeyCorp upgraded Cogent Communications to an “overweight” rating from “sector weight” in a research note on Tuesday, Sept. 27, with a $64.00 price target for the company. Finally, Credit Suisse downgraded Cogent Communications to “Neutral” from “Outperform” in a research note on Tuesday, October 11, and lowered its price target on the stock to $56.00 from $74.00 Dollar. Two equity research analysts have a sell rating on the stock, two have a hold rating and two have a buy rating. The stock currently has a “hold” consensus rating and an average price target of $65.14, according to MarketBeat.
In related news, Chief Financial Officer Thaddeus Gerard Weed sold 4,850 shares of the company in trading on Friday, September 9. Shares sold at an average price of $52.35 for a total value of $253,897.50. Following the transaction, the CFO now owns 53,550 shares of the company, worth approximately $2,803,342.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In other Cogent Communications news, Chief Financial Officer Thaddeus Gerard Weed sold 4,850 shares of the company in Friday, Sept. 9 trading. Shares sold at an average price of $52.35 for a total transaction value of $253,897.50. Following the transaction, the CFO now owns 53,550 shares of the company, worth approximately $2,803,342.50. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission, which is available via this hyperlink. Additionally, Director Lewis H. Ferguson sold 940 shares of the company in Monday, September 12 trading. The shares sold at an average price of $55.13 for a combined transaction value of $51,822.20. Following the sale, the director now directly owns 13,471 shares of the company’s stock, worth approximately $742,656.23. Disclosures for this sale can be found here. Company insiders currently own 11.00% of the shares.
Hedge funds weigh persuasive communications
Institutional investors have recently changed their roles at the company. Raymond James & Associates increased its stake in Cogent Communications by 832.7% in the third quarter. Raymond James & Associates now owns 272,291 shares of the tech company’s stock, worth $14,203,000, after purchasing an additional 243,096 shares in the previous quarter. State Street’s stake in Cogent Communications increased by 14.0% in the first quarter. State Street Corporation now owns 1,706,265 shares of the technology company’s stock, valued at $113,211,000, after buying an additional 210,120 shares last quarter. Reaves WH & Co. Inc. increased its stake in Cogent Communications by 1,206.2% in the first quarter. Reaves WH & Co. Inc. now owns 214,964 shares of the tech company’s stock, valued at $14,263,000, after buying an additional 198,507 shares in the previous quarter. Vaughan Nelson Investment Management LP increased its stake in Cogent Communications by 10.1% in the second quarter. Vaughan Nelson Investment Management LP now owns 1,966,077 shares of the tech company’s stock, valued at $119,459,000, after buying an additional 179,771 shares in the previous quarter. Finally, Renaissance Technologies LLC increased its stake in Cogent Communications by 6.8% in the second quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the technology company’s stock valued at $140,481,000 after adding 147,700 shares in the previous quarter. Hedge funds and other institutional investors own 86.84% of the company.
Cogent Communications rose 2.6 percent
NASDAQ: CCOI opened Monday at $53.45. Cogent Communications had a 12-month low of $46.75 and a 12-month high of $80.50. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 57.47, a price-to-earnings ratio of 4.23, and a beta of 0.35. The stock has a 50-day simple moving average of $52.80 and a 200-day simple moving average of $58.00.
Cogent Communications (NASDAQ: CCOI – Get Rating) last released its earnings results on Thursday, Aug. 4. The tech company reported earnings per share of $0.24 for the quarter, beating the consensus estimate of $0.22 by $0.02. Cogent Communications’ return on equity was 9.43% and its net profit margin was 7.44%. The business reported revenue of $148.5 million for the quarter, compared with the consensus estimate of $150.68 million. In the same period last year, the company reported earnings per share ($0.05). Compared to the same period a year earlier, business income rose 0.4% in the quarter. As a group, equity research analysts predict that Cogent Communications will post 0.8 earnings per share this fiscal year.
Cogent Communications increases dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31. Shareholders of record on Thursday, August 18 received a dividend of $0.905 per share. The ex-dividend date is Wednesday, August 17th. This translates to an annualized dividend of $3.62 and a dividend yield of 6.77%. This is a positive change from Cogent Communications’ previous quarterly dividend of $0.88. Cogent Communications currently has a dividend payout ratio (DPR) of 389.25%.
About Cogent Communications
(get a rating)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networks and data center colocation space services in North America, Europe, Asia, South America, Australia and Africa. The company provides online Internet access and private network services to law firms, financial services companies, advertising and marketing companies, as well as health care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable companies . Television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.
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