Cogent Communications (NASDAQ:CCOI) CFO Thaddeus Gerard Weed Sells 4,850 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the sale, the chief financial officer directly owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Cogent Communications Stock Down 2.6%

Cogent Communications stock traded down $0.43 on Tuesday, hitting $16.02. The company’s stock had a trading volume of 927,595 shares, compared to its average volume of 1,189,684. The firm has a market cap of $802.28 million, a P/E ratio of -4.51 and a beta of 0.77. The company has a fifty day moving average price of $19.25 and a 200-day moving average price of $20.95. 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 announced its quarterly 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. The firm had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.09) EPS. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a $0.02 dividend. 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 payout ratio is -2.25%.

Institutional Investors Weigh In On Cogent Communications

Several large investors have recently made changes to their positions in CCOI. Turtle Creek Asset Management Inc. grew its holdings in shares of Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after purchasing an additional 1,811,222 shares during the last quarter. Park West Asset Management LLC bought a new stake in Cogent Communications during the 4th quarter worth about $30,380,000. Bank of America Corp DE grew its holdings in Cogent Communications by 551.2% during the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock worth $43,965,000 after acquiring an additional 970,367 shares during the last quarter. MIG Capital LLC bought a new stake in Cogent Communications during the 4th quarter worth about $12,272,000. Finally, First Trust Advisors LP grew its holdings in Cogent Communications by 86.8% during the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after acquiring an additional 547,188 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada lowered their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen raised shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. UBS Group lowered their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Wells Fargo & Company lowered their target price 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. Finally, Williams Trading set a $40.00 target price on shares of Cogent Communications in a report on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $24.90.

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.