Lewis Ferguson Sells 4,000 Shares of Cogent Communications (NASDAQ:CCOI) Stock

by · The Cerbat Gem

Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report) Director Lewis Ferguson sold 4,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the sale, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. The trade was a 17.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Cogent Communications Stock Down 2.0%

Shares of CCOI opened at $19.59 on Thursday. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. Cogent Communications Holdings, Inc. has a 52 week low of $15.96 and a 52 week high of $84.06. The stock has a market capitalization of $962.26 million, a price-to-earnings ratio of -4.80 and a beta of 0.83. The stock has a fifty day moving average of $32.88 and a 200-day moving average of $40.05.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. The business had revenue of $241.95 million for the quarter, compared to analyst estimates of $246.13 million. Cogent Communications had a negative return on equity of 208.70% and a negative net margin of 19.72%.Cogent Communications’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.33) EPS. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to buy up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Cogent Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Friday, November 21st will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio is currently -1.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CCOI shares. KeyCorp reduced their target price on shares of Cogent Communications from $65.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, November 7th. JPMorgan Chase & Co. reduced their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, November 13th. UBS Group restated a “neutral” rating and issued a $27.00 price objective (down from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Citigroup cut their target price on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Finally, The Goldman Sachs Group reduced their price target on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $25.71.

Check Out Our Latest Stock Analysis on Cogent Communications

Hedge Funds Weigh In On Cogent Communications

Several hedge funds and other institutional investors have recently bought and sold shares of CCOI. Cetera Investment Advisers grew its holdings in Cogent Communications by 36.6% during the 1st quarter. Cetera Investment Advisers now owns 7,078 shares of the technology company’s stock worth $434,000 after acquiring an additional 1,896 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cogent Communications by 7.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,395 shares of the technology company’s stock valued at $515,000 after purchasing an additional 586 shares in the last quarter. LPL Financial LLC grew its stake in Cogent Communications by 6.5% during the first quarter. LPL Financial LLC now owns 46,947 shares of the technology company’s stock worth $2,878,000 after purchasing an additional 2,881 shares during the period. US Bancorp DE increased its holdings in Cogent Communications by 4.9% in the first quarter. US Bancorp DE now owns 20,554 shares of the technology company’s stock worth $1,260,000 after purchasing an additional 958 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Cogent Communications by 2.2% in the first quarter. PNC Financial Services Group Inc. now owns 47,386 shares of the technology company’s stock valued at $2,905,000 after buying an additional 1,003 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Company Profile

(Get Free Report)

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.

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