Cogent Communications (NASDAQ:CCOI) Shares Gap Up on Analyst Upgrade

Posted by Defense World Staff on Aug 12th, 2023

Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report) shares gapped up before the market opened on Friday after KeyCorp raised their price target on the stock from $77.00 to $80.00. The stock had previously closed at $65.97, but opened at $67.52. KeyCorp currently has an overweight rating on the stock. Cogent Communications shares last traded at $68.82, with a volume of 108,427 shares traded.

CCOI has been the subject of several other reports. 888 reiterated a “reiterates” rating on shares of Cogent Communications in a research report on Monday, May 22nd. TD Cowen upgraded Cogent Communications from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Friday. Bank of America upgraded Cogent Communications from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $45.00 to $85.00 in a research report on Wednesday, May 3rd. JPMorgan Chase & Co. cut Cogent Communications from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $72.00 to $70.00 in a research report on Monday, May 8th. Finally, StockNews.com assumed coverage on Cogent Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $70.89.

Check Out Our Latest Stock Analysis on CCOI

Insider Transactions at Cogent Communications

In other news, Director Steven D. Brooks sold 4,202 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $65.00, for a total transaction of $273,130.00. Following the completion of the transaction, the director now directly owns 33,277 shares in the company, valued at approximately $2,163,005. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Steven D. Brooks sold 4,202 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $65.00, for a total transaction of $273,130.00. Following the transaction, the director now owns 33,277 shares of the company’s stock, valued at approximately $2,163,005. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 7,061 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $62.44, for a total value of $440,888.84. Following the transaction, the chief executive officer now directly owns 4,948,781 shares in the company, valued at approximately $309,001,885.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,533 shares of company stock worth $1,352,137. 11.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

Hedge funds have recently bought and sold shares of the stock. Spire Wealth Management raised its position in Cogent Communications by 155.8% in the 1st quarter. Spire Wealth Management now owns 399 shares of the technology company’s stock valued at $25,000 after purchasing an additional 243 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Cogent Communications by 153.4% during the 2nd quarter. Geneos Wealth Management Inc. now owns 413 shares of the technology company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. Fortis Capital Advisors LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth about $28,000. Quadrant Capital Group LLC raised its position in shares of Cogent Communications by 123.3% during the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the technology company’s stock worth $39,000 after acquiring an additional 381 shares in the last quarter. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth about $44,000. Institutional investors and hedge funds own 84.41% of the company’s stock.

Cogent Communications Stock Performance

The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 316.55 and a beta of 0.45. The firm has a 50-day moving average price of $63.58 and a two-hundred day moving average price of $64.58.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 24th will be given a dividend of $0.945 per share. This represents a $3.78 annualized dividend and a dividend yield of 5.43%. The ex-dividend date is Wednesday, August 23rd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.94. Cogent Communications’s dividend payout ratio (DPR) is 1,700.00%.

Cogent Communications Company Profile

(Get Free Report)

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.