Cogent Communications (NASDAQ:CCOI) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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

Cogent Communications Price Performance

Shares of NASDAQ CCOI traded down $1.79 during midday trading on Friday, reaching $83.56. 238,698 shares of the company were exchanged, compared to its average volume of 439,755. 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 has a one year low of $50.80 and a one year high of $86.76. The stock has a market cap of $4.09 billion, a P/E ratio of 107.91 and a beta of 0.40. The stock’s 50-day moving average price is $77.11 and its 200-day moving average price is $67.50.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.995 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 510.26%.

Analysts Set New Price Targets

CCOI has been the subject of several research analyst reports. KeyCorp lifted their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Royal Bank of Canada restated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. The Goldman Sachs Group increased their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. TD Cowen boosted their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. increased their target price on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $77.14.

Insider Transactions at Cogent Communications

In related news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares of the company’s stock, valued at $1,288,859.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the transaction, the director now owns 17,748 shares in the company, valued at approximately $1,288,859.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,870 shares of company stock worth $4,716,057. Insiders own 11.40% of the company’s stock.

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.