Cogent Communications (NASDAQ:CCOI) VP Henry Kilmer Sells 2,400 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $23.35, for a total value of $56,040.00. Following the completion of the transaction, the vice president directly owned 41,000 shares of the company’s stock, valued at approximately $957,350. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Cogent Communications Stock Down 4.2%

Shares of NASDAQ CCOI traded down $0.97 during midday trading on Monday, hitting $22.10. The company’s stock had a trading volume of 208,436 shares, compared to its average volume of 1,175,279. Cogent Communications Holdings, Inc. has a 1 year low of $15.96 and a 1 year high of $71.82. The business’s fifty day simple moving average is $23.06 and its two-hundred day simple moving average is $28.96. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -5.80 and a beta of 0.84. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.04.

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

Cogent Communications Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Cogent Communications by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock valued at $205,664,000 after purchasing an additional 270,975 shares in the last quarter. ProShare Advisors LLC increased its stake in Cogent Communications by 30.1% in the 3rd quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock valued at $6,792,000 after purchasing an additional 40,970 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cogent Communications by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company’s stock worth $51,127,000 after buying an additional 20,055 shares during the last quarter. Ceredex Value Advisors LLC increased its stake in Cogent Communications by 44.6% in the second quarter. Ceredex Value Advisors LLC now owns 206,800 shares of the technology company’s stock valued at $9,970,000 after purchasing an additional 63,750 shares during the last quarter. Finally, Arvin Capital Management LP purchased a new position in Cogent Communications during the third quarter worth about $2,301,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Oppenheimer dropped 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. Royal Bank Of Canada dropped their price objective on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a report on Thursday, November 13th. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a report on Monday, February 23rd. Finally, Williams Trading set a $40.00 price objective 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $26.78.

About Cogent Communications

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.