Key Points
- Cogent Communications CFO Thaddeus Gerard Weed sold 4,850 shares on June 16 at an average price of $16.79, totaling about $81,432. After the sale, he still owned 197,900 shares.
- The stock fell 2.4% and was trading near its 52-week low, opening at $16.05 versus a 52-week range of $14.41 to $54.37. Its shares were also below both the 50-day and 200-day moving averages.
- Cogent’s latest results showed a smaller-than-expected loss, but revenue declined year over year. Analysts currently have a consensus rating of “Hold,” with an average price target of $24.90.
Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 197,900 shares in the company, valued at approximately $3,322,741. The trade was a 2.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Cogent Communications Stock Down 2.4%
Shares of Cogent Communications stock opened at $16.05 on Wednesday. The firm's 50 day moving average price is $19.20 and its 200-day moving average price is $20.93. Cogent Communications Holdings, Inc. has a 52-week low of $14.41 and a 52-week high of $54.37. The company has a market cap of $803.78 million, a P/E ratio of -4.52 and a beta of 0.77.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The firm had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. During the same quarter in the previous year, the firm earned ($1.09) EPS. The company's quarterly revenue was down 3.2% compared to the same quarter last year. As a group, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.
Cogent Communications Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were given a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. Cogent Communications's payout ratio is presently -2.25%.
Wall Street Analyst Weigh In
Several analysts have weighed in on the stock. KeyCorp dropped their target price on shares of Cogent Communications from $30.00 to $25.00 and set an "overweight" rating on the stock in a research report on Monday, February 23rd. Wall Street Zen upgraded shares of Cogent Communications from a "strong sell" rating to a "sell" rating in a research note on Sunday, April 26th. TD Cowen dropped their price objective on shares of Cogent Communications from $40.00 to $34.00 and set a "buy" rating on the stock in a report on Tuesday, May 5th. Weiss Ratings lowered shares of Cogent Communications from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, May 20th. Finally, Citigroup dropped their price objective on shares of Cogent Communications from $22.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, May 19th. 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 company. According to MarketBeat.com, Cogent Communications has an average rating of "Hold" and an average price target of $24.90.
View Our Latest Analysis on CCOI
Institutional Investors Weigh In On Cogent Communications
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Cogent Communications by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company's stock valued at $205,664,000 after acquiring an additional 270,975 shares during the last quarter. Arvin Capital Management LP purchased a new stake in shares of Cogent Communications in the 3rd quarter valued at $2,301,000. Tyro Capital Management LLC boosted its holdings in shares of Cogent Communications by 46.9% in the 3rd quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company's stock valued at $35,868,000 after acquiring an additional 298,392 shares during the last quarter. Boothbay Fund Management LLC boosted its holdings in shares of Cogent Communications by 123.4% in the 3rd quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company's stock valued at $11,989,000 after acquiring an additional 172,676 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Cogent Communications by 795.4% in the 4th quarter. SG Americas Securities LLC now owns 68,025 shares of the technology company's stock valued at $1,467,000 after acquiring an additional 60,428 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.
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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