Cogent Communications (NASDAQ:CCOI) Sets New 1-Year Low – Should You Sell?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $13.51 and last traded at $13.5660, with a volume of 167714 shares changing hands. The stock had previously closed at $14.16.

Analysts Set New Price Targets

CCOI has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $22.00 price target on shares of Cogent Communications in a report on Friday, May 29th. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research report on Monday. UBS Group reduced their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Royal Bank Of Canada dropped their price objective on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company cut their target price 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. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average target price of $24.90.

Cogent Communications Stock Down 3.7%

The firm has a fifty day simple moving average of $18.63 and a 200-day simple moving average of $20.75. The company has a market cap of $682.61 million, a PE ratio of -3.86 and a beta of 0.77.

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

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were given a dividend of $0.02 per share. The ex-dividend date was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.6%. Cogent Communications’s dividend payout ratio (DPR) is -2.25%.

Insiders Place Their Bets

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CCOI. AQR Capital Management LLC purchased a new position in shares of Cogent Communications during the 1st quarter worth approximately $202,000. Goldman Sachs Group Inc. boosted its stake in shares of 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 grew its holdings in Cogent Communications by 10.3% during the first quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock worth $335,000 after acquiring an additional 510 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cogent Communications by 23.4% during 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 worth $9,919,000 after acquiring an additional 30,630 shares during the period. Finally, Strs Ohio purchased a new position in Cogent Communications in the first quarter worth $104,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

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.