Cogent Communications Holdings Inc (NASDAQ:CCOI) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totalling 1,953,600 shares, a decline of 7.4% from the July 31st total of 2,109,400 shares. Based on an average trading volume of 246,200 shares, the short-interest ratio is currently 7.9 days. Approximately 4.7% of the company’s stock are short sold.

Shares of NASDAQ CCOI traded down $1.08 during trading on Friday, reaching $57.76. The stock had a trading volume of 21,819 shares, compared to its average volume of 179,774. Cogent Communications has a one year low of $42.40 and a one year high of $64.24. The stock has a market cap of $2.75 billion, a PE ratio of 91.70, a P/E/G ratio of 9.60 and a beta of 0.58. The firm’s 50 day moving average price is $60.11 and its two-hundred day moving average price is $57.43.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.06). Cogent Communications had a net margin of 5.97% and a negative return on equity of 20.58%. The firm had revenue of $134.79 million during the quarter, compared to the consensus estimate of $136.12 million. During the same quarter last year, the firm posted $0.14 earnings per share. Cogent Communications’s revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts expect that Cogent Communications will post 0.77 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.29%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.60. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s payout ratio is 393.65%.

A number of equities analysts have issued reports on the company. BidaskClub raised Cogent Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, August 21st. ValuEngine lowered Cogent Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. TheStreet lowered Cogent Communications from a “b” rating to a “c+” rating in a research report on Monday, August 12th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Cogent Communications in a research report on Friday, August 9th. Finally, Zacks Investment Research lowered Cogent Communications from a “hold” rating to a “sell” rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $58.17.

In other Cogent Communications news, CEO Mike Slessor sold 14,835 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $18.03, for a total value of $267,475.05. Also, Director Lewis H. Ferguson sold 675 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $58.28, for a total value of $39,339.00. Following the completion of the transaction, the director now directly owns 4,430 shares in the company, valued at $258,180.40. The disclosure for this sale can be found here. Insiders have sold a total of 31,080 shares of company stock worth $1,240,632 over the last three months. 10.17% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in shares of Cogent Communications in the 2nd quarter valued at approximately $30,000. Royce & Associates LP boosted its position in Cogent Communications by 29.2% during the 1st quarter. Royce & Associates LP now owns 810 shares of the technology company’s stock worth $44,000 after acquiring an additional 183 shares during the period. Arbor Wealth Management LLC acquired a new position in Cogent Communications during the 2nd quarter worth $59,000. Winslow Evans & Crocker Inc. boosted its position in Cogent Communications by 163.6% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 1,476 shares of the technology company’s stock worth $88,000 after acquiring an additional 916 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in Cogent Communications during the 1st quarter worth $91,000. Institutional investors and hedge funds own 87.80% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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