Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Short Interest Update

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the target of a large increase in short interest during the month of February. As of February 27th, there was short interest totaling 7,419,016 shares, an increase of 22.1% from the February 12th total of 6,074,190 shares. Approximately 16.5% of the company’s shares are sold short. Based on an average daily trading volume, of 2,019,124 shares, the days-to-cover ratio is currently 3.7 days. Based on an average daily trading volume, of 2,019,124 shares, the days-to-cover ratio is currently 3.7 days. Approximately 16.5% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Oppenheimer lowered their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Monday, February 23rd. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a research report on Monday, February 23rd. Williams Trading set a $40.00 price target on Cogent Communications in a research note on Monday, February 23rd. Wells Fargo & Company lowered their price objective on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. Finally, KeyCorp cut their price objective on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. 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 company’s stock. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus target price of $26.78.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $18.80 on Monday. The firm has a 50 day moving average of $22.99 and a 200-day moving average of $28.36. The company has a market cap of $941.13 million, a price-to-earnings ratio of -4.93 and a beta of 0.84. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. Cogent Communications has a 52 week low of $15.96 and a 52 week high of $71.55.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.45. The company had revenue of $240.52 million for the quarter, compared to the consensus estimate of $243.82 million. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. Cogent Communications’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.91) EPS. On average, equities analysts forecast that Cogent Communications will post -4.55 earnings per share for the current year.

Cogent Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $0.02 per share. The ex-dividend date is Friday, March 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio is currently -2.10%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 3,300 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total transaction of $75,867.00. Following the sale, the director directly owned 10,100 shares of the company’s stock, valued at $232,199. The trade was a 24.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.63, for a total transaction of $109,755.50. Following the completion of the transaction, the chief financial officer owned 202,750 shares of the company’s stock, valued at approximately $4,588,232.50. This trade represents a 2.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,756 shares of company stock valued at $292,467 in the last quarter. 10.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Cogent Communications

Large investors have recently made changes to their positions in the company. Quarry LP bought a new stake in Cogent Communications in the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Cogent Communications during the fourth quarter valued at approximately $28,000. Hantz Financial Services Inc. increased its holdings in shares of Cogent Communications by 313.9% during 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. Kestra Advisory Services LLC acquired a new position in shares of Cogent Communications during the fourth quarter worth approximately $43,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Cogent Communications by 56.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock worth $45,000 after purchasing an additional 756 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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.