Cogent Communications (NASDAQ:CCOI) Announces Earnings Results

Cogent Communications (NASDAQ:CCOI) released its quarterly earnings data on Thursday. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01, Briefing.com reports. The firm had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The business’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.13) earnings per share.

Cogent Communications Stock Performance

CCOI traded down $1.82 during trading hours on Friday, hitting $83.53. The stock had a trading volume of 112,468 shares, compared to its average volume of 439,408. Cogent Communications has a 1 year low of $50.80 and a 1 year high of $86.76. The company’s fifty day simple moving average is $77.11 and its 200 day simple moving average is $67.50. The stock has a market cap of $4.09 billion, a PE ratio of 107.91 and a beta of 0.40. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.995 per share. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date is Friday, November 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio is currently 510.26%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CCOI. Citigroup raised their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. TD Cowen upped their price target on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. KeyCorp raised their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average target price of $77.14.

Insider Buying and Selling at Cogent Communications

In related news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the sale, the executive now directly owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the sale, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 64,870 shares of company stock valued at $4,716,057 over the last three months. 11.40% of the stock is currently owned by insiders.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.