Cogent Communications (NASDAQ:CCOI) Stock Price Down 5.8% – Here’s What Happened

Cogent Communications Holdings, Inc. (NASDAQ:CCOI)’s share price traded down 5.8% during trading on Thursday . The stock traded as low as $20.76 and last traded at $20.3760. 247,356 shares traded hands during trading, a decline of 79% from the average session volume of 1,198,315 shares. The stock had previously closed at $21.62.

Analyst Ratings Changes

CCOI has been the subject of a number of research analyst reports. Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. Royal Bank Of Canada cut their price objective on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 6th. KeyCorp decreased their price objective on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday, February 23rd. JPMorgan Chase & Co. restated a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a report on Friday. Finally, Weiss Ratings lowered shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $24.90.

Cogent Communications Stock Down 10.4%

The company has a market capitalization of $889.42 million, a P/E ratio of -5.00 and a beta of 0.85. The business has a fifty day moving average price of $19.71 and a 200 day moving average price of $21.08.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Monday, May 4th. The technology company reported ($0.83) earnings per share (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 business had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. During the same period last year, the company earned ($1.09) earnings per share. Cogent Communications’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -3.92 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is currently -2.25%.

Insider Buying and Selling at Cogent Communications

In other news, Director Lewis H. Ferguson sold 2,206 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total value of $50,804.18. Following the sale, the director owned 20,449 shares of the company’s stock, valued at $470,940.47. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $22.63, for a total transaction of $109,755.50. Following the transaction, the chief financial officer owned 202,750 shares of the company’s stock, valued at $4,588,232.50. The trade was a 2.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,756 shares of company stock valued at $292,467 over the last ninety days. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cogent Communications

A number of large investors have recently modified their holdings of the business. Parallel Advisors LLC boosted its position in Cogent Communications by 208.6% during 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 last quarter. Quarry LP bought a new position in Cogent Communications in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cogent Communications during the 4th quarter worth approximately $28,000. Hantz Financial Services Inc. raised its stake in shares of Cogent Communications by 313.9% during 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 in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in shares of Cogent Communications during the 4th quarter worth approximately $43,000. 92.45% of the stock is currently 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.