Cogent Communications (NASDAQ:CCOI) Sets New 52-Week Low Following Analyst Downgrade

Cogent Communications Holdings, Inc. (NASDAQ:CCOI)’s stock price reached a new 52-week low during trading on Tuesday after Royal Bank Of Canada lowered their price target on the stock from $22.00 to $18.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Cogent Communications traded as low as $14.82 and last traded at $16.37, with a volume of 7552896 shares. The stock had previously closed at $23.16.

CCOI has been the subject of several other research reports. TD Cowen dropped their target price on shares of Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday. UBS Group dropped their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday. Weiss Ratings downgraded shares of Cogent Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. Wells Fargo & Company dropped their target price on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, March 5th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $22.00 target price (down from $23.00) on shares of Cogent Communications in a report on Tuesday. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $25.90.

Insider Activity at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $23.35, for a total transaction of $56,040.00. Following the completion of the transaction, the vice president owned 41,000 shares of the company’s stock, valued at $957,350. This represents a 5.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $22.63, for a total transaction of $109,755.50. Following the transaction, the chief financial officer directly owned 202,750 shares of the company’s stock, valued at $4,588,232.50. This trade represents a 2.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,756 shares of company stock worth $292,467 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Cogent Communications by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock valued at $205,664,000 after buying an additional 270,975 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Cogent Communications by 30.1% during the 3rd quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock valued at $6,792,000 after buying an additional 40,970 shares in the last quarter. Arvin Capital Management LP purchased a new stake in shares of Cogent Communications during the 3rd quarter valued at about $2,301,000. Boothbay Fund Management LLC raised its position in shares of Cogent Communications by 123.4% during the 3rd quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company’s stock valued at $11,989,000 after buying an additional 172,676 shares in the last quarter. Finally, Tyro Capital Management LLC raised its position in shares of Cogent Communications by 46.9% during the 3rd quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company’s stock valued at $35,868,000 after buying an additional 298,392 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Down 8.1%

The firm’s 50-day moving average price is $20.72 and its 200-day moving average price is $23.62. The stock has a market capitalization of $830.53 million, a PE ratio of -4.67 and a beta of 0.85.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.20. The firm had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.09) EPS. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -3.66 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, May 18th. Cogent Communications’s dividend payout ratio is currently -2.25%.

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.