Cogent Communications (NASDAQ:CCOI) VP Henry Kilmer Sells 2,400 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry Kilmer sold 2,400 shares of Cogent Communications 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 transaction, the vice president owned 38,600 shares in the company, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Cogent Communications Stock Performance

CCOI stock traded up $0.59 during midday trading on Monday, hitting $16.45. 1,232,837 shares of the company’s stock were exchanged, compared to its average volume of 1,191,919. The stock’s fifty day moving average price is $19.31 and its 200-day moving average price is $20.96. The company has a market cap of $823.78 million, a PE ratio of -4.63 and a beta of 0.77. Cogent Communications Holdings, Inc. has a one year low of $14.41 and a one year high of $54.37.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share 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%.The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted ($1.09) earnings per share. On average, analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, May 18th. Cogent Communications’s payout ratio is -2.25%.

Analysts Set New Price Targets

A number of brokerages have recently commented on CCOI. Weiss Ratings lowered Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. KeyCorp lowered their target price on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research 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. TD Cowen dropped their target price on Cogent Communications from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Finally, Royal Bank Of Canada dropped their target price on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.90.

Hedge Funds Weigh In On Cogent Communications

A number of institutional investors have recently bought and sold shares of CCOI. Vanguard Group Inc. grew its position in shares of Cogent Communications by 5.3% in the third quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock valued at $205,664,000 after purchasing an additional 270,975 shares during the last quarter. Arvin Capital Management LP bought a new stake in shares of Cogent Communications in the third quarter valued at approximately $2,301,000. Tyro Capital Management LLC boosted its stake in shares of Cogent Communications by 46.9% in the third quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company’s stock valued at $35,868,000 after buying an additional 298,392 shares during the period. Boothbay Fund Management LLC boosted its stake in shares of Cogent Communications by 123.4% in the third quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company’s stock valued at $11,989,000 after buying an additional 172,676 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of Cogent Communications by 795.4% in the fourth quarter. SG Americas Securities LLC now owns 68,025 shares of the technology company’s stock valued at $1,467,000 after buying an additional 60,428 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

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.