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 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 filing with the Securities & Exchange Commission, which is accessible through this link.

Cogent Communications Trading Up 3.7%

Shares of CCOI opened at $16.45 on Tuesday. The business’s 50 day moving average is $19.25 and its 200 day moving average is $20.95. The company has a market capitalization of $823.82 million, a PE ratio of -4.63 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 12-month low of $14.41 and a 12-month high of $54.37.

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

Cogent Communications Announces Dividend

The company also recently disclosed 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 of this dividend 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 presently -2.25%.

Analyst Ratings Changes

Several equities analysts have commented on CCOI shares. Oppenheimer cut their price objective on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Monday, February 23rd. Williams Trading set a $40.00 price objective on Cogent Communications in a research note on Monday, February 23rd. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. Royal Bank Of Canada lowered their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.90.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CCOI. Parallel Advisors LLC increased its holdings in shares of Cogent Communications by 208.6% in the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after purchasing an additional 968 shares during the period. Quarry LP acquired a new position in shares of Cogent Communications in the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cogent Communications in the fourth quarter valued at about $28,000. Hantz Financial Services Inc. increased its holdings in shares of Cogent Communications by 313.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,127 shares during the period. Finally, Kestra Advisory Services LLC acquired a new position in shares of Cogent Communications in the fourth quarter valued at about $43,000. 92.45% of the stock is owned by institutional investors and hedge funds.

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.