Cogent Communications (NASDAQ:CCOI) Shares Down 5.9% – Here’s Why

by · The Markets Daily

Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report)’s share price fell 5.9% during trading on Monday . The company traded as low as $12.36 and last traded at $12.2220. Approximately 888,279 shares were traded during trading, a decline of 28% from the average session volume of 1,239,852 shares. The stock had previously closed at $12.99.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CCOI shares. Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. Citigroup lowered their price objective on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, May 19th. UBS Group cut their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Wells Fargo & Company decreased 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 research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 price target on shares of Cogent Communications in a research note on Friday, May 29th. Three 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $24.90.

View Our Latest Analysis on Cogent Communications

Cogent Communications Price Performance

The business’s fifty day simple moving average is $17.07 and its 200 day simple moving average is $20.27. The firm has a market capitalization of $612.08 million, a price-to-earnings ratio of -3.44 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.20. The company had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.09) earnings per share. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were issued a dividend of $0.02 per share. The ex-dividend date was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.7%. Cogent Communications’s payout ratio is -2.25%.

Insider Activity at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business’s 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 of the company’s stock, valued at approximately $656,586. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total value of $81,431.50. Following the completion of the transaction, the chief financial officer owned 197,900 shares of the company’s stock, valued at $3,322,741. This trade represents a 2.39% decrease in their position. The SEC filing for this sale provides additional information. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

Large investors have recently modified their holdings of the stock. Quarry LP bought a new stake in shares of Cogent Communications in the third quarter valued at $27,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Cogent Communications in the fourth quarter worth about $28,000. Parallel Advisors LLC raised its position in shares of Cogent Communications by 208.6% in the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after purchasing an additional 968 shares during the period. Hantz Financial Services Inc. raised its position in shares of Cogent Communications by 313.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,127 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Cogent Communications during the 1st quarter valued at approximately $104,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Company Profile

(Get Free Report)

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.

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