Cogent Communications (NASDAQ:CCOI) Reaches New 1-Year High – Should You Buy?

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) hit a new 52-week high during trading on Thursday . The company traded as high as $86.70 and last traded at $86.29, with a volume of 430996 shares traded. The stock had previously closed at $84.70.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. lifted their target price on Cogent Communications from $70.00 to $76.00 and gave the company 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. KeyCorp upped their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. Two research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.14.

Cogent Communications Stock Performance

The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. The stock has a market cap of $4.18 billion, a PE ratio of 92.31 and a beta of 0.40. The business’s 50-day moving average price is $76.80 and its 200-day moving average price is $67.38.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The business had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. During the same period in the previous year, the company earned ($0.13) earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Dave Schaeffer sold 60,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the transaction, the executive now owns 50,982 shares of the company’s stock, valued at $3,557,014.14. 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 worth $4,716,057 in the last ninety days. 11.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CCOI. Ipswich Investment Management Co. Inc. boosted its position in Cogent Communications by 0.5% in the third quarter. Ipswich Investment Management Co. Inc. now owns 41,079 shares of the technology company’s stock valued at $3,119,000 after buying an additional 185 shares during the last quarter. Taylor Frigon Capital Management LLC boosted its holdings in shares of Cogent Communications by 1.1% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock valued at $1,095,000 after acquiring an additional 202 shares during the last quarter. Hexagon Capital Partners LLC increased its stake in shares of Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after acquiring an additional 226 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Cogent Communications by 5.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,984 shares of the technology company’s stock worth $378,000 after acquiring an additional 262 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after purchasing an additional 272 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

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.