Cogent Communications Holdings Inc (NASDAQ:CCOI) reached a new 52-week high during trading on Monday . The company traded as high as $71.01 and last traded at $70.92, with a volume of 9895 shares traded. The stock had previously closed at $69.98.
A number of equities research analysts have recently commented on CCOI shares. Zacks Investment Research raised Cogent Communications from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Wednesday, January 8th. BidaskClub raised Cogent Communications from a “buy” rating to a “strong-buy” rating in a research report on Saturday. TheStreet raised Cogent Communications from a “c+” rating to a “b-” rating in a research report on Thursday, November 21st. Wells Fargo & Co reaffirmed a “hold” rating on shares of Cogent Communications in a research report on Friday, December 6th. Finally, Royal Bank of Canada raised their price target on Cogent Communications from $54.00 to $65.00 and gave the stock a “sector perform” rating in a research report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $68.00.
The firm has a market capitalization of $3.33 billion, a P/E ratio of 112.63, a P/E/G ratio of 9.14 and a beta of 0.58. The stock has a fifty day moving average of $64.73 and a 200-day moving average of $60.69.
Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.12. The business had revenue of $136.94 million during the quarter, compared to the consensus estimate of $136.50 million. Cogent Communications had a negative return on equity of 21.84% and a net margin of 6.91%. Cogent Communications’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. As a group, sell-side analysts forecast that Cogent Communications Holdings Inc will post 0.87 EPS for the current fiscal year.
In other Cogent Communications news, VP Timothy G. Oneill sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $63.29, for a total value of $158,225.00. Following the completion of the transaction, the vice president now directly owns 34,752 shares in the company, valued at $2,199,454.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $62.60, for a total value of $62,600.00. Following the completion of the transaction, the vice president now owns 33,752 shares of the company’s stock, valued at $2,112,875.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,524 shares of company stock valued at $1,285,332. 10.17% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Pinebridge Investments L.P. bought a new stake in shares of Cogent Communications in the second quarter worth $1,625,000. BlackRock Inc. increased its stake in shares of Cogent Communications by 1.6% in the second quarter. BlackRock Inc. now owns 6,826,740 shares of the technology company’s stock worth $405,235,000 after buying an additional 105,911 shares during the last quarter. Holocene Advisors LP increased its stake in shares of Cogent Communications by 67.5% in the second quarter. Holocene Advisors LP now owns 8,584 shares of the technology company’s stock worth $510,000 after buying an additional 3,460 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Cogent Communications by 1.9% in the second quarter. Vanguard Group Inc. now owns 4,710,776 shares of the technology company’s stock worth $279,631,000 after buying an additional 86,496 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Cogent Communications by 0.5% in the second quarter. Invesco Ltd. now owns 1,438,122 shares of the technology company’s stock worth $85,367,000 after buying an additional 6,651 shares during the last quarter. Hedge funds and other institutional investors own 85.13% of the company’s stock.
About Cogent Communications (NASDAQ:CCOI)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
Further Reading: Price to Earnings Ratio (PE) Basics
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