Cogent Communications (NASDAQ:CCOI) VP Sells $40,824.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry Kilmer sold 2,400 shares of the stock in a transaction on 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 $656,586. The trade was a 5.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Cogent Communications Price Performance

CCOI stock opened at $14.61 on Thursday. The stock has a market capitalization of $731.67 million, a price-to-earnings ratio of -4.12 and a beta of 0.77. The business’s fifty day moving average price is $19.10 and its two-hundred day moving average price is $20.90. Cogent Communications Holdings, Inc. has a fifty-two week low of $14.41 and a fifty-two week high of $54.37.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data 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. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The firm had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. During the same quarter last year, the business earned ($1.09) EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. Research analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Dividend Announcement

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

Institutional Trading of Cogent Communications

Several large investors have recently bought and sold shares of CCOI. AQR Capital Management LLC acquired a new stake in Cogent Communications in the first quarter valued at about $202,000. Goldman Sachs Group Inc. boosted its stake in Cogent Communications by 26.9% in the first quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock valued at $29,215,000 after buying an additional 100,969 shares in the last quarter. Empowered Funds LLC boosted its stake in Cogent Communications by 10.3% in the first quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after buying an additional 510 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cogent Communications by 23.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock valued at $9,919,000 after buying an additional 30,630 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Cogent Communications in the first quarter valued at approximately $104,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CCOI shares. Wells Fargo & Company reduced their price target on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. UBS Group reduced their target price on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. KeyCorp reduced their target price on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, February 23rd. Oppenheimer reduced 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. Finally, Williams Trading set a $40.00 target price on Cogent Communications in a report on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price 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.