Henry Kilmer Sells 2,400 Shares of Cogent Communications (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry Kilmer sold 2,400 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $23.35, for a total value of $56,040.00. Following the completion of the transaction, the vice president directly owned 41,000 shares in the company, valued at $957,350. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cogent Communications Stock Down 2.2%

Shares of Cogent Communications stock opened at $22.01 on Wednesday. The stock’s 50-day moving average is $23.07 and its 200 day moving average is $28.74. Cogent Communications Holdings, Inc. has a one year low of $15.96 and a one year high of $71.55. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -5.78 and a beta of 0.84. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.04.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. The business had revenue of $240.52 million during the quarter, compared to the consensus estimate of $243.82 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.91) earnings per share. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, March 6th. Cogent Communications’s payout ratio is presently -2.10%.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently made changes to their positions in CCOI. Quarry LP bought a new position in shares of Cogent Communications during the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd bought a new stake in Cogent Communications in the 4th quarter worth about $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 valued at $32,000 after buying an additional 1,127 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Cogent Communications in the 2nd quarter valued at about $40,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Cogent Communications during the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

CCOI has been the subject of a number of research reports. TD Cowen restated a “buy” rating on shares of Cogent Communications in a report on Monday, February 23rd. Citigroup dropped their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. JPMorgan Chase & Co. cut their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, November 13th. Wells Fargo & Company decreased their target price on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Three investment 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.78.

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.