Key Points
- Director Sheryl Lynn Kennedy sold 3,300 shares at an average price of $22.99 on March 5 for $75,867, reducing her stake by 24.63% to 10,100 shares valued at about $232,199, according to the SEC filing.
- Cogent reported quarterly EPS of -$0.64 (beats -$1.09) while revenue of $240.52M missed estimates and fell 4.7% year-over-year, leaving the company unprofitable with negative margins as the stock trades around $23 and a market cap near $1.15B.
- The company declared a $0.02 quarterly dividend (ex-dividend March 6, payable March 20), and analysts hold a consensus "Hold" rating with an average price target of about $26.78 after several target cuts.
Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) Director Lewis Ferguson sold 2,206 shares of the company's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $23.03, for a total transaction of $50,804.18. Following the completion of the sale, the director directly owned 20,449 shares in the company, valued at $470,940.47. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Cogent Communications Stock Up 1.7%
Shares of Cogent Communications stock traded up $0.39 during trading on Friday, hitting $23.16. The company's stock had a trading volume of 382,885 shares, compared to its average volume of 1,185,777. Cogent Communications Holdings, Inc. has a 52 week low of $15.96 and a 52 week high of $72.68. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.04 and a current ratio of 2.04. The company has a fifty day simple moving average of $23.05 and a two-hundred day simple moving average of $29.18. The company has a market capitalization of $1.16 billion, a PE ratio of -6.08 and a beta of 0.84.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping analysts' consensus estimates of ($1.09) by $0.45. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The business had revenue of $240.52 million for the quarter, compared to analysts' expectations of $243.82 million. During the same quarter in the prior year, the company earned ($0.91) earnings per share. The business's revenue was down 4.7% compared to the same quarter last year. Equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.
Cogent Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, March 6th. Cogent Communications's dividend payout ratio (DPR) is -2.10%.
Institutional Trading of Cogent Communications
A number of institutional investors have recently made changes to their positions in CCOI. Vanguard Group Inc. lifted its holdings in shares of Cogent Communications by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company's stock valued at $205,664,000 after buying an additional 270,975 shares during the period. ProShare Advisors LLC increased its position in Cogent Communications by 30.1% during the third quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company's stock valued at $6,792,000 after acquiring an additional 40,970 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cogent Communications by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company's stock valued at $51,127,000 after acquiring an additional 20,055 shares during the period. Ceredex Value Advisors LLC boosted its position in Cogent Communications by 44.6% in the second quarter. Ceredex Value Advisors LLC now owns 206,800 shares of the technology company's stock worth $9,970,000 after purchasing an additional 63,750 shares during the last quarter. Finally, Arvin Capital Management LP bought a new stake in shares of Cogent Communications during the 3rd quarter valued at about $2,301,000. Hedge funds and other institutional investors own 92.45% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the company. Wells Fargo & Company cut their target price on Cogent Communications from $27.00 to $23.00 and set an "equal weight" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Cogent Communications from $37.00 to $23.00 and set a "neutral" rating on the stock in a research note on Thursday, November 13th. TD Cowen restated a "buy" rating on shares of Cogent Communications in a research note on Monday, February 23rd. UBS Group reaffirmed a "neutral" rating and issued a $27.00 target price (down from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Cogent Communications in a report on Monday, December 22nd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $26.78.
Check Out Our Latest Research Report on Cogent Communications
About Cogent Communications
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
