Cogent Communications (NASDAQ:CCOI) VP Sells $40,824.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry Kilmer sold 2,400 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the sale, the vice president owned 38,600 shares of the company’s stock, valued at $656,586. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Cogent Communications Trading Up 3.7%

NASDAQ CCOI traded up $0.59 on Monday, hitting $16.45. 1,232,837 shares of the company’s stock were exchanged, compared to its average volume of 1,191,919. The stock has a 50-day moving average of $19.31 and a 200-day moving average of $20.96. Cogent Communications Holdings, Inc. has a 52 week low of $14.41 and a 52 week high of $54.37. The stock has a market cap of $823.78 million, a price-to-earnings ratio of -4.63 and a beta of 0.77.

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

Cogent Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were issued a dividend of $0.02 per share. The ex-dividend date was Monday, May 18th. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. Cogent Communications’s dividend payout ratio is -2.25%.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. Wells Fargo & Company decreased their price objective on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Citigroup decreased their price objective on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. Finally, Oppenheimer decreased their price objective on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $24.90.

Hedge Funds Weigh In On Cogent Communications

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Cogent Communications by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock valued at $120,311,000 after acquiring an additional 217,450 shares in the last quarter. Turtle Creek Asset Management Inc. lifted its position in Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after acquiring an additional 1,811,222 shares in the last quarter. State Street Corp increased its stake in Cogent Communications by 6.8% in the 4th quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock valued at $44,632,000 after buying an additional 132,454 shares during the last quarter. Park West Asset Management LLC purchased a new stake in Cogent Communications in the 4th quarter valued at about $30,380,000. Finally, Invesco Ltd. increased its stake in Cogent Communications by 39.8% in the 3rd quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock valued at $53,790,000 after buying an additional 399,339 shares during the last quarter. Institutional investors 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.