BlackRock Fund Advisors has recently announced that it has increased stake in Cogent Communications Holdings Inc. (NASDAQ:CCOI) by 1.99%. After grabbing 6.85 million shares, the institutional investor is now in possession of 0.13 million shares of the Communication Services Company. The new investment brought the stake of investor firm to 14.27% having worth around $397.83 million. Moreover, The Vanguard Group, Inc. increased its share by 88081.0 to have a control over 5.06 million shares. And Dimensional Fund Advisors LP raised its holdings to 4775.0 shares by acquiring 0.94 million shares or 1.97% of the stake.
Cogent Communications Holdings Inc. (CCOI) concluded trading on 01/12/23 at a closing price of $64.36, with 0.36 million shares of worth about $23.41 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 6.75% during that period and on Thursday the price saw a gain of about 1.43%. Currently the company’s common shares owned by public are about 46.74M shares, out of which, 42.10M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 15 analysts are covering the CCOI stock and their offered price forecasts bring an average price target of $65.33. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $93.00 and could fall to a lowest price of $43.00. The stock’s current price level is 0.98% above of average price target set by the analysts, while a rise to estimated low would result in loss of -49.67% for the stock. However, touching the estimated high of $93.00 would mean a gain of 30.8% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 55 times over the past 12 months. They bought 65,374 shares in 28 of the transactions. In 27 selling transactions, insiders dumped 55,127 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Cogent Communications Holdings Inc. iShares Core S&P Small Cap ETF is currently holding 3.2 million shares of worth totaling $186.01 million. The company recently came buying 1064.0 shares which brought its stake up to 6.67% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 2534.0 shares, after which its hold over company’s outstanding shares expand to 2.72%, leaving 1.3 million shares with the mutual fund that have a worth of about $75.72 million. Vanguard Small Cap Index Fund, after buying 1.12 million shares, have now control over 2.32% of the stake in the company. It holds 92.0 shares of worth $64.74 million.
Cogent Communications Holdings Inc. (NASDAQ: CCOI) started trading at $63.77, above $0.32 from concluding price of the previous day. However, the stock later moved at a day high price of 64.71, or with a gain of 1.43%. Stock saw a price change of 9.98% in past 5 days and over the past one month there was a price change of 15.65%. Year-to-date (YTD), CCOI shares are showing a performance of 12.75% which decreased to -3.00% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $46.75 but also hit the highest price of $72.21 during that period. The average intraday trading volume for Cogent Communications Holdings Inc. shares is 292.40K. The stock is currently trading 11.79% above its 20-day simple moving average (SMA20), while that difference is up 13.17% for SMA50 and it goes to 10.56% higher than SMA200.
BlackRock Fund Advisors acquired 6.85 million shares of Cogent Communications Holdings Inc. having value of about $397.83 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 0.13 million shares in the company valued at close to $8623982.56, or have control over 1.99% stake in the company. Cogent Communications Holdings Inc. (NASDAQ: CCOI) currently have 46.74M outstanding shares and institutions hold larger chunk of about 87.80% of that. Holding of mutual funds in the company is about 40.87% while other institutional holders and individual stake holders have control over 46.10% and 27.13% of the stake respectively.
The stock has a current market capitalization of $2.97B and its 3Y-monthly beta is at 0.38. PE ratio of stock for trailing 12 months is 131.62, while it has posted earnings per share of $0.49 in the same period. It has Quick Ratio of 3.40. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CCOI, volatility over the week remained 2.34% while standing at 2.25% over the month.
Analysts are in expectations that Cogent Communications Holdings Inc. (CCOI) stock would likely to be making an EPS of $0.22 in the current quarter, while forecast for next quarter EPS is $0.23 and it is $1.06 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.15 which is $0.31 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.28 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 668.40% while it is estimated to increase by 229.49% in next year. EPS is likely to shrink at an annualized rate of -0.48% for next 5-years, compared to annual growth of 25.50% made by the stock over the past 5-years.
Analysts at 15 brokerage firms have issued recommendations for the Cogent Communications Holdings Inc. (CCOI)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.40. Out of those 15 Wall Street analysts, 8 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 2 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Credit Suisse on October 11, 2022 offering a Neutral rating for the stock and assigned a target price range of between $74 and $56 to it. Coverage by KeyBanc Capital Markets stated Cogent Communications Holdings Inc. (CCOI) stock as an Overweight in their note to investors on September 27, 2022, suggesting a price target of $64 for the stock. On February 10, 2022, JP Morgan Upgrade their recommendations, while on January 12, 2022, Wells Fargo Downgrade their ratings for the stock with a price target of $65. Stock get a Sell rating from Goldman on January 11, 2022.