Thaddeus Gerard Weed Sells 4,850 Shares of Cogent Communications (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the sale, the chief financial officer owned 197,900 shares in the company, valued at $3,322,741. The trade was a 2.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Cogent Communications Trading Down 9.0%

Shares of CCOI opened at $14.61 on Thursday. Cogent Communications Holdings, Inc. has a twelve month low of $14.41 and a twelve month high of $54.37. The firm’s fifty day simple moving average is $19.10 and its 200-day simple moving average is $20.90. The firm has a market capitalization of $731.67 million, a price-to-earnings ratio of -4.12 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data 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 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 analyst estimates of $241.31 million. During the same period last year, the business earned ($1.09) EPS. The company’s revenue was down 3.2% on a year-over-year basis. On average, analysts predict that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.25%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Cogent Communications by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after purchasing an additional 217,450 shares during the last quarter. Turtle Creek Asset Management Inc. grew its position in Cogent Communications by 64.9% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after purchasing an additional 1,811,222 shares during the last quarter. State Street Corp grew its position in Cogent Communications by 6.8% during the 4th quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after purchasing an additional 132,454 shares during the last quarter. Park West Asset Management LLC purchased a new position in Cogent Communications during the 4th quarter worth $30,380,000. Finally, Invesco Ltd. grew its position in Cogent Communications by 39.8% during the 3rd quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock worth $53,790,000 after purchasing an additional 399,339 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CCOI has been the topic of several research analyst reports. KeyCorp cut their price target on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. Williams Trading set a $40.00 price target on shares of Cogent Communications in a research note on Monday, February 23rd. Wells Fargo & Company cut their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Finally, UBS Group cut their price target on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $24.90.

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.