Cogent Communications (NASDAQ:CCOI) Sets New 12-Month Low – Should You Sell?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $13.51 and last traded at $13.5660, with a volume of 167714 shares traded. The stock had previously closed at $14.16.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CCOI. Wells Fargo & Company dropped their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. UBS Group lowered their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. TD Cowen restated a “buy” rating on shares of Cogent Communications in a report on Monday. Royal Bank Of Canada cut their target price on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 price target on shares of Cogent Communications in a report on Friday, May 29th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $24.90.

Cogent Communications Trading Down 2.7%

The stock has a market cap of $659.05 million, a P/E ratio of -3.71 and a beta of 0.77. The company’s 50 day moving average price is $18.29 and its two-hundred day moving average price is $20.67.

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

Cogent Communications Dividend Announcement

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 $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is currently -2.25%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the completion of the sale, the vice president owned 38,600 shares of the company’s stock, valued at approximately $656,586. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the completion of the sale, the chief financial officer owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. The trade was a 2.39% decrease in their position. The SEC filing for this sale provides additional information. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its position in shares of Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after purchasing an additional 968 shares during the period. Quarry LP bought a new stake in Cogent Communications during the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Cogent Communications in the fourth quarter valued at about $28,000. Hantz Financial Services Inc. boosted its stake 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 worth $32,000 after acquiring an additional 1,127 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Cogent Communications in the fourth quarter worth about $43,000. 92.45% of the stock is currently owned by institutional investors.

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.