Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Expected to Record Quarterly Sales of $149.02 Million
Equity research analysts expect Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) to report sales of $149.02 million for the current fiscal quarter, Zacks reports. Five analysts provided earnings estimates for Cogent Communications. The lowest sales estimate is $146.78 million and the highest is $150.47 million. Cogent Communications reported sales of $146.78 million in the same quarter last year, indicating a positive growth rate of 1.5% year over year. The company is due to release its next earnings report on Monday, January 1.
On average, analysts expect Cogent Communications to report annual revenue of $605.80 million for the current year, with estimates ranging from $589.79 million to $618.90 million. of dollars. For the next fiscal year, analysts expect the company to post sales of $628.38 million, with estimates ranging from $600.34 million to $654.70 million. Zacks sales averages are an average average based on a survey of sell-side analysts who cover Cogent Communications.
Cogent Communications (NASDAQ:CCOI – Get Rating) last announced its quarterly results on Thursday, February 24. The tech company reported earnings per share (EPS) of $0.24 for the quarter, beating the consensus estimate of $0.20 by $0.04. Cogent Communications posted a net margin of 8.17% and a negative return on equity of 12.02%. The company posted revenue of $147.20 million in the quarter, versus a consensus estimate of $149.14 million. During the same period last year, the company posted EPS of $0.19. The company’s quarterly revenue increased 2.3% year over year.
Several research companies have weighed in on CCOI. Wells Fargo & Company cut shares of Cogent Communications from an “equal weight” rating to an “underweight” rating and lowered its price target for the company from $75.00 to $65.00 in a research report from Wednesday, January 12. Credit Suisse Group lowered its price target on Cogent Communications shares from $89.00 to $80.00 and set an “outperform” rating for the company in a Monday, January 24 research report. StockNews.com began covering Cogent Communications shares in a research report on Thursday. They issued a “hold” rating for the company. JPMorgan Chase & Co. upgraded shares of Cogent Communications from a “neutral” rating to an “overweight” rating and set a price target of $82.00 for the company in a Thursday, February 10 research report . Finally, the Goldman Sachs Group moved shares of Cogent Communications from a “neutral” rating to a “sell” rating and lowered its price target for the company from $70.00 to $57.00 in a report research on Tuesday, January 11. Two analysts gave the stock a sell rating, two gave the company a hold rating and five gave the company a buy rating. Based on data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and a consensus target price of $77.88.
In a similar vein, CRO James Bubeck sold 1,920 shares of the company in a trade that took place on Tuesday, March 1. The shares were sold at an average price of $62.94, for a total transaction of $120,844.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Additionally, Vice Chairman John B. Chang sold 600 shares of the company in a trade that took place on Thursday, March 17. The shares were sold at an average price of $62.96, for a total transaction of $37,776.00. The disclosure of this sale can be found here. During the last quarter, insiders sold 2,920 shares of the company valued at $184,346. 11.00% of the shares are held by insiders.
A number of hedge funds and other institutional investors have recently changed their holdings in CCOI. BlackRock Inc. increased its stake in Cogent Communications by 10.2% in the fourth quarter. BlackRock Inc. now owns 7,072,055 shares of the technology company valued at $517,534,000 after buying an additional 654,635 shares last quarter. Norges Bank bought a new position in Cogent Communications in the fourth quarter, valued at approximately $26,124,000. Goldman Sachs Group Inc. increased its stake in Cogent Communications by 160.2% in the third quarter. Goldman Sachs Group Inc. now owns 400,460 shares of the technology company valued at $28,369,000 after buying an additional 246,528 shares last quarter. Assenagon Asset Management SA increased its stake in Cogent Communications by 1,363.6% in the fourth quarter. Assenagon Asset Management SA now owns 116,726 shares of the technology company valued at $8,542,000 after buying an additional 108,751 shares last quarter. Finally, SG Americas Securities LLC increased its stake in Cogent Communications by 239.4% in the fourth quarter. SG Americas Securities LLC now owns 99,110 shares of the technology company valued at $7,253,000 after buying an additional 69,912 shares last quarter. Hedge funds and other institutional investors hold 86.55% of the company’s shares.
Shares of CCOI opened at $68.81 on Monday. Cogent Communications has a 12-month low of $57.23 and a 12-month high of $80.50. The company has a market capitalization of $3.30 billion, a P/E ratio of 66.81 and a beta of 0.21. The company has a 50-day moving average price of $63.65 and a 200-day moving average price of $69.84.
The company also recently declared a quarterly dividend, which was paid on Friday, March 25. Shareholders of record on Wednesday, March 9 received a dividend of $0.855 per share. This is a boost from Cogent Communications’ previous quarterly dividend of $0.83. The ex-dividend date was Tuesday, March 8. This represents an annualized dividend of $3.42 and a dividend yield of 4.97%. Cogent Communications’ payout ratio is currently 332.04%.
About Cogent Communications (Get a rating)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networking, and data center colocation space services in North America, Europe, Asia, South America South, Australia and Africa. The Company provides Internet access and online private network services to law firms, financial services companies, and advertising and marketing companies, as well as healthcare providers, educational institutions and other professional services companies, other Internet service providers, telephone companies, cable companies, television companies, web hosting companies, media service providers, mobile phone operators, network companies content delivery and commercial content and application service providers.
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