What is Zacks Research's Forecast for CCOI FY2024 Earnings?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) - Equities researchers at Zacks Research raised their FY2024 earnings per share (EPS) estimates for Cogent Communications in a report issued on Monday, January 27th. Zacks Research analyst R. Department now forecasts that the technology company will post earnings of ($4.65) per share for the year, up from their prior forecast of ($4.66). The consensus estimate for Cogent Communications' current full-year earnings is ($4.55) per share. Zacks Research also issued estimates for Cogent Communications' Q4 2024 earnings at ($1.28) EPS, Q4 2025 earnings at ($0.70) EPS, FY2025 earnings at ($3.92) EPS, Q4 2026 earnings at ($0.11) EPS and FY2026 earnings at ($0.99) EPS.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million for the quarter, compared to analysts' expectations of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm's quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.13) EPS.

A number of other equities research analysts have also issued reports on the company. The Goldman Sachs Group upped their price target on Cogent Communications from $62.00 to $71.00 and gave the company a "neutral" rating in a research report on Friday, October 4th. UBS Group started coverage on shares of Cogent Communications in a report on Thursday, November 14th. They set a "buy" rating and a $102.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cogent Communications presently has a consensus rating of "Hold" and a consensus target price of $80.25.

Cogent Communications Price Performance

NASDAQ CCOI traded up $0.34 during trading hours on Thursday, hitting $74.83. 161,843 shares of the company's stock traded hands, compared to its average volume of 352,518. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm's 50-day moving average is $76.48 and its 200-day moving average is $75.28. Cogent Communications has a 52-week low of $50.80 and a 52-week high of $86.76. The company has a market capitalization of $3.67 billion, a PE ratio of 95.94 and a beta of 0.40.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.995 dividend. This is a positive change from Cogent Communications's previous quarterly dividend of $0.99. The ex-dividend date was Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a yield of 5.32%. Cogent Communications's payout ratio is presently 510.26%.

Insiders Place Their Bets

In other news, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $836,900. This trade represents a 38.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 4,800 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total transaction of $362,928.00. Following the transaction, the vice president now owns 33,800 shares of the company's stock, valued at $2,555,618. This trade represents a 12.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,136 shares of company stock worth $1,939,749 over the last ninety days. Corporate insiders own 11.40% of the company's stock.

Hedge Funds Weigh In On Cogent Communications

Several large investors have recently bought and sold shares of the business. Intech Investment Management LLC boosted its position in shares of Cogent Communications by 85.7% during the 3rd quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company's stock worth $1,284,000 after acquiring an additional 7,803 shares in the last quarter. Consolidated Planning Corp acquired a new position in Cogent Communications in the third quarter valued at approximately $630,000. PEAK6 Investments LLC purchased a new position in Cogent Communications in the third quarter valued at approximately $1,720,000. Citigroup Inc. increased its stake in Cogent Communications by 56.8% in the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company's stock valued at $4,297,000 after purchasing an additional 20,510 shares during the last quarter. Finally, Boston Financial Mangement LLC raised its holdings in Cogent Communications by 2.8% during the third quarter. Boston Financial Mangement LLC now owns 609,821 shares of the technology company's stock worth $46,298,000 after purchasing an additional 16,527 shares in the last quarter. Hedge funds and other institutional investors own 92.45% 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.