Cogent Communications (NASDAQ:CCOI) Trading 11.3% Higher – Still a Buy?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI)’s share price was up 11.3% during mid-day trading on Monday . The company traded as high as $15.48 and last traded at $15.80. Approximately 407,631 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,187,350 shares. The stock had previously closed at $14.19.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CCOI. UBS Group reduced their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Williams Trading set a $40.00 price target on shares of Cogent Communications in a research report on Monday, February 23rd. Wells Fargo & Company decreased their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 price objective on shares of Cogent Communications in a research report on Friday, May 29th. Finally, Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. 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.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.90.

Cogent Communications Trading Up 5.8%

The stock has a fifty day moving average of $18.87 and a two-hundred day moving average of $20.82. The company has a market capitalization of $751.50 million, a PE ratio of -4.23 and a beta of 0.77.

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

Cogent Communications Dividend Announcement

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

Insider Buying and Selling at Cogent Communications

In related 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 owned 38,600 shares in the company, valued at $656,586. This trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CCOI. Parallel Advisors LLC boosted its holdings in Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares during the period. Quarry LP bought a new position in Cogent Communications during the 3rd quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd purchased a new position in Cogent Communications in the 4th quarter worth approximately $28,000. Hantz Financial Services Inc. increased its stake in Cogent Communications by 313.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after purchasing an additional 1,127 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in Cogent Communications in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors 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.