Cogent Communications (NASDAQ:CCOI) Shares Down 5.9% – What’s Next?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) fell 5.9% on Monday . The stock traded as low as $12.36 and last traded at $12.2220. Approximately 888,279 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 1,239,852 shares. The stock had previously closed at $12.99.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CCOI shares. Weiss Ratings cut Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. Citigroup lowered their price objective on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, May 19th. TD Cowen reissued a “buy” rating on shares of Cogent Communications in a report on Monday, June 22nd. Finally, Royal Bank Of Canada cut their target price on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $24.90.

Cogent Communications Trading Up 6.1%

The business’s fifty day moving average price is $16.58 and its 200 day moving average price is $20.12. The company has a market capitalization of $618.99 million, a P/E ratio of -3.48 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating 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 firm had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. During the same period last year, the firm posted ($1.09) EPS. The business’s revenue was down 3.2% on a year-over-year basis. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were given 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 0.6%. Cogent Communications’s payout ratio is currently -2.25%.

Insider Transactions at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the completion of the sale, the vice president owned 38,600 shares of the company’s stock, valued at $656,586. This trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the transaction, the chief financial officer owned 197,900 shares in the company, valued at approximately $3,322,741. This trade represents a 2.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Federation des caisses Desjardins du Quebec increased its holdings in shares of Cogent Communications by 17.5% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 2,850 shares of the technology company’s stock valued at $61,000 after acquiring an additional 425 shares during the last quarter. Empowered Funds LLC boosted its position 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 purchasing an additional 510 shares during the period. Quarry LP acquired a new position in Cogent Communications during the third quarter valued at approximately $27,000. Farther Finance Advisors LLC raised its position in shares of Cogent Communications by 56.6% in the fourth quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock valued at $45,000 after purchasing an additional 756 shares during the period. Finally, Parallel Advisors LLC raised its position 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. 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.