Insider Selling: Cogent Communications (NASDAQ:CCOI) CFO Sells $81,431.50 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Cogent Communications Stock Performance

Shares of NASDAQ:CCOI opened at $14.19 on Friday. The firm has a market capitalization of $710.64 million, a PE ratio of -4.00 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 52-week low of $14.13 and a 52-week high of $54.37. The firm has a fifty day moving average of $18.98 and a 200 day moving average of $20.86.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. During the same quarter last year, the business posted ($1.09) earnings per share. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Announces Dividend

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

Institutional Trading of Cogent Communications

Several hedge funds and other institutional investors have recently bought and sold shares of CCOI. Parallel Advisors LLC grew its holdings in shares of Cogent Communications by 208.6% in the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after purchasing an additional 968 shares during the last quarter. Quarry LP bought a new stake in Cogent Communications during the 3rd quarter valued at $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in Cogent Communications during the 4th quarter valued at $28,000. Hantz Financial Services Inc. grew its holdings in Cogent Communications by 313.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after acquiring an additional 1,127 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Cogent Communications in the 4th quarter worth $43,000. Institutional investors own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research report on Sunday, April 26th. Oppenheimer cut their price objective on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Weiss Ratings lowered shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 target price on shares of Cogent Communications in a research report on Friday, May 29th. Finally, Royal Bank Of Canada lowered their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $24.90.

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.