Cogent Communications (NASDAQ:CCOI) Hits New 52-Week Low – What’s Next?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $14.59 and last traded at $14.5140, with a volume of 734297 shares trading hands. The stock had previously closed at $15.81.

Analysts Set New Price Targets

CCOI has been the topic of a number of research analyst reports. Royal Bank Of Canada dropped their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 6th. Oppenheimer lowered their target price on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Monday, February 23rd. Citigroup lowered their target price on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. Wells Fargo & Company lowered their target price on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a research note on Friday, May 29th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $24.90.

Cogent Communications Stock Performance

The firm’s 50 day simple moving average is $19.49 and its 200-day simple moving average is $21.00. The company has a market cap of $724.16 million, a price-to-earnings ratio of -4.07 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. During the same quarter in the previous year, the company posted ($1.09) EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 annualized dividend and a dividend yield of 0.6%. Cogent Communications’s payout ratio is presently -2.25%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Federation des caisses Desjardins du Quebec boosted its position in shares of Cogent Communications by 17.5% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 2,850 shares of the technology company’s stock valued at $61,000 after acquiring an additional 425 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after acquiring an additional 510 shares during the last quarter. Quarry LP acquired a new position in shares of Cogent Communications during the 3rd quarter valued at about $27,000. Farther Finance Advisors LLC boosted its position in shares of Cogent Communications by 56.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock valued at $45,000 after acquiring an additional 756 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.