Key Points
- Cogent Communications VP Henry Kilmer sold 2,400 shares on June 15 at an average price of $17.01, totaling about $40,824. After the sale, he still held 38,600 shares, and the trade reduced his ownership by 5.85%.
- The stock was up 3.7% and opened at $16.45, giving Cogent a market cap of about $823.8 million. The shares remain far below their 52-week high of $54.37 and near the lower end of their recent trading range.
- Recent earnings and analyst sentiment remain mixed: Cogent beat EPS estimates for the latest quarter but missed revenue expectations, and analysts currently rate the stock a consensus Hold with an average target price of $24.90.
Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) VP Henry Kilmer sold 2,400 shares of the firm's stock in a transaction dated 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 directly owned 38,600 shares in the company, valued at approximately $656,586. This trade represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Cogent Communications Stock Up 3.7%
Cogent Communications stock opened at $16.45 on Tuesday. The firm has a market cap of $823.82 million, a price-to-earnings ratio of -4.63 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 52 week low of $14.41 and a 52 week high of $54.37. The business's 50-day moving average price is $19.25 and its 200 day moving average price is $20.95.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.20. The firm had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.Cogent Communications's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the company earned ($1.09) earnings per share. Equities analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.
Cogent Communications Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications's dividend payout ratio (DPR) is -2.25%.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the company. Citigroup dropped their target price on Cogent Communications from $22.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, May 19th. Weiss Ratings lowered Cogent Communications from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, May 20th. Williams Trading set a $40.00 target price on Cogent Communications in a report on Monday, February 23rd. Oppenheimer dropped their target price on Cogent Communications from $40.00 to $30.00 and set an "outperform" rating on the stock in a report on Monday, February 23rd. Finally, Wall Street Zen raised Cogent Communications from a "strong sell" rating to a "sell" rating in a report on Sunday, April 26th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $24.90.
Check Out Our Latest Research Report on CCOI
Hedge Funds Weigh In On Cogent Communications
Several hedge funds and other institutional investors have recently made changes to their positions in CCOI. Parallel Advisors LLC lifted its position 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 valued at $27,000 after acquiring an additional 968 shares in the last quarter. Quarry LP purchased a new position in shares of Cogent Communications in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Cogent Communications in the fourth quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its position in shares of Cogent Communications by 313.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company's stock valued at $32,000 after acquiring an additional 1,127 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Cogent Communications in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 92.45% of the company's stock.
Cogent Communications Company Profile
(
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.
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