Cogent Communications (NASDAQ:CCOI) Director Sheryl Lynn Kennedy Sells 2,400 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 2,400 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total value of $51,216.00. Following the sale, the director owned 10,012 shares of the company’s stock, valued at approximately $213,656.08. The trade was a 19.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Sheryl Lynn Kennedy also recently made the following trade(s):

• On Thursday, August 21st, Sheryl Lynn Kennedy sold 2,000 shares of Cogent Communications stock. The stock was sold at an average price of $36.35, for a total value of $72,700.00.

Cogent Communications Trading Down 10.3%

Shares of NASDAQ:CCOI traded down $2.13 during trading on Wednesday, hitting $18.49. 3,671,993 shares of the company’s stock were exchanged, compared to its average volume of 947,184. The firm has a 50-day moving average price of $39.00 and a two-hundred day moving average price of $43.83. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 1-year low of $18.46 and a 1-year high of $85.18. The firm has a market cap of $908.25 million, a P/E ratio of -4.07 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.28. The business had revenue of $241.95 million during the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The firm’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.33) earnings per share. Equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications announced that its board has approved a share buyback program on Thursday, August 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Cogent Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Investors of record on Friday, November 21st will be given a $0.02 dividend. The ex-dividend date is Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio is currently -1.96%.

Analysts Set New Price Targets

CCOI has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their price objective on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a report on Friday, November 7th. Citigroup reduced their target price on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. KeyCorp lowered their price target on shares of Cogent Communications from $65.00 to $30.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $40.00 price objective (down from $74.00) on shares of Cogent Communications in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $29.00.

Hedge Funds Weigh In On Cogent Communications

A number of large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new stake in Cogent Communications in the 1st quarter valued at $417,000. Nisa Investment Advisors LLC boosted its holdings in Cogent Communications by 5.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 14,972 shares of the technology company’s stock valued at $918,000 after purchasing an additional 729 shares during the period. Xponance Inc. increased its holdings in shares of Cogent Communications by 9.7% during the first quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after purchasing an additional 308 shares during the period. Edgestream Partners L.P. grew its position in Cogent Communications by 30.1% during the first quarter. Edgestream Partners L.P. now owns 115,223 shares of the technology company’s stock worth $7,064,000 after buying an additional 26,673 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its holdings in Cogent Communications by 9.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 5,702 shares of the technology company’s stock valued at $350,000 after acquiring an additional 488 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.