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 on Monday, June 15th. The shares were sold at an average price of $17.01, for a total transaction of $40,824.00. Following the transaction, the vice president owned 38,600 shares in the company, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Cogent Communications Stock Down 2.4%

Cogent Communications stock opened at $16.05 on Wednesday. The company’s fifty day simple moving average is $19.20 and its 200-day simple moving average is $20.93. Cogent Communications Holdings, Inc. has a 12 month low of $14.41 and a 12 month high of $54.37. The stock has a market cap of $803.78 million, a P/E ratio of -4.52 and a beta of 0.77.

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

Cogent Communications Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently commented on CCOI. UBS Group lowered their price target on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Citigroup reduced 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 note on Tuesday, May 19th. Williams Trading set a $40.00 price objective on shares of Cogent Communications in a research note on Monday, February 23rd. Wells Fargo & Company reduced their price objective on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Finally, KeyCorp reduced their price objective on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday, February 23rd. 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’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $24.90.

Institutional Investors Weigh In On Cogent Communications

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Cogent Communications by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock worth $205,664,000 after acquiring an additional 270,975 shares during the last quarter. Arvin Capital Management LP acquired a new position in Cogent Communications during the 3rd quarter worth $2,301,000. Tyro Capital Management LLC lifted its position in Cogent Communications by 46.9% during the 3rd quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company’s stock worth $35,868,000 after acquiring an additional 298,392 shares during the last quarter. Boothbay Fund Management LLC lifted its position in Cogent Communications by 123.4% during the 3rd quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company’s stock worth $11,989,000 after acquiring an additional 172,676 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Cogent Communications by 795.4% during the 4th quarter. SG Americas Securities LLC now owns 68,025 shares of the technology company’s stock worth $1,467,000 after acquiring an additional 60,428 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

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.