Cogent Communications (NASDAQ:CCOI) Reaches New 52-Week Low – Here’s What Happened

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) hit a new 52-week low during trading on Thursday . The stock traded as low as $14.22 and last traded at $14.3530, with a volume of 148003 shares traded. The stock had previously closed at $14.61.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company cut their price objective on 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. TD Cowen lowered their price target on Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Citigroup reduced their price objective on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. UBS Group decreased their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Finally, KeyCorp reduced their price target on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, February 23rd. Three 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.90.

Cogent Communications Stock Performance

The firm has a 50 day moving average of $19.10 and a 200-day moving average of $20.90. The stock has a market capitalization of $731.14 million, a PE ratio of -4.11 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly 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. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The business had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. During the same period last year, the company posted ($1.09) earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a yield of 0.5%. Cogent Communications’s payout ratio is -2.25%.

Insider Transactions at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the company’s 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 completion of the sale, the vice president directly owned 38,600 shares in the company, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the completion of the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at $3,322,741. This represents a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is owned by company insiders.

Institutional Trading of Cogent Communications

A number of institutional investors and hedge funds have recently modified their holdings of the company. Federation des caisses Desjardins du Quebec raised its holdings in Cogent Communications by 17.5% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 2,850 shares of the technology company’s stock worth $61,000 after acquiring an additional 425 shares during the period. Empowered Funds LLC boosted its stake in Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after purchasing an additional 510 shares during the period. Quarry LP acquired a new stake in Cogent Communications in the 3rd quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its holdings in Cogent Communications by 56.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock valued at $45,000 after buying an additional 756 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Cogent Communications by 208.6% in the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after buying an additional 968 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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.