Cogent Communications (NASDAQ:CCOI) Announces Earnings Results, Beats Expectations By $0.01 EPS

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

Cogent Communications Trading Down 2.1 %

Shares of Cogent Communications stock traded down $1.79 on Friday, hitting $83.56. 238,698 shares of the company’s stock traded hands, compared to its average volume of 439,755. The firm’s 50-day moving average price is $77.11 and its two-hundred day moving average price is $67.50. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The stock has a market capitalization of $4.09 billion, a PE ratio of 107.91 and a beta of 0.40. Cogent Communications has a one year low of $50.80 and a one year high of $86.76.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.995 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio is currently 510.26%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CCOI. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. TD Cowen raised their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Bank of America downgraded Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Finally, Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $77.14.

Insider Buying and Selling

In other Cogent Communications news, VP John B. Chang sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the transaction, the vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the sale, the executive now directly owns 50,982 shares of the company’s stock, valued at $3,557,014.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 64,870 shares of company stock valued at $4,716,057 over the last three months. Company 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.