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Oppenheimer analyst Timothy Horan assigned a Hold rating to Cogent Comms (CCOI – Research Report) yesterday. The company’s shares closed last Wednesday at $68.56.
According to TipRanks.com, Horan is a 5-star analyst with an average return of 19.0% and a 69.2% success rate. Horan covers the Technology sector, focusing on stocks such as Rackspace Technology, Lumen Technologies, and Digital Turbine.
Currently, the analyst consensus on Cogent Comms is a Moderate Buy with an average price target of $69.50.
Cogent Comms’ market cap is currently $3.29B and has a P/E ratio of 572.80. The company has a Price to Book ratio of -11.15.
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Cogent Communications Launches Notes Offering
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WASHINGTON, April 29, 2021 /PRNewswire/ Cogent Communications Holdings, Inc. (NASDAQ: CCOI) (the Company ) today announced that Cogent Communications Group, Inc. ( Cogent ), a wholly owned subsidiary of the Company, intends to commence an offering of $500.0 million aggregate principal amount of senior secured notes due 2026 (the Notes ) to be offered and sold only to persons reasonably believed to be qualified institutional buyers in an unregistered offering pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act ), and to certain non-U.S. persons in transactions outside the United States in compliance with Regulation S under the Securities Act. The Notes will be guaranteed on a senior secured basis by Cogent s material domestic subsidiaries and on a senior unsecured basis by the Company.
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Financial and Business Highlights
Cogent approved an increase of $0.025 per share to its regular quarterly dividend for a total of $0.780 per share for Q2 2021 as compared to $0.755 per share for Q1 2021 – Cogent s thirty-fifth consecutive quarterly dividend increase.
The Q2 2021 $0.780 dividend per share represents an annual increase of 14.7% from the dividend per share of $0.680 for Q2 2020.
Service revenue increased by 2.0% from Q4 2020 to Q1 2021 and increased from Q1 2020 to Q1 2021 by 4.2%.
GAAP gross profit increased by 3.4% from Q1 2020 to $67.7 million for Q1 2021. Non-GAAP gross profit increased by 7.6% from Q1 2020 to $91.8 million for Q1 2021.
GAAP gross margin decreased by 40 basis points from Q1 2020 to Q1 2021 to 46.1%. Non-GAAP gross margin increased by 200 basis points from Q1 2020 to Q1 2021 to 62.5%.