Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report) rose 11.3% on Monday . The company traded as high as $15.48 and last traded at $15.80. 407,631 shares changed hands during trading, a decline of 66% from the average daily volume of 1,187,350 shares. The stock had previously closed at $14.19.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. Citigroup decreased their target price on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 19th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 price objective on shares of Cogent Communications in a research note on Friday, May 29th. Wells Fargo & Company decreased their price objective on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Royal Bank Of Canada lowered their target price on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $24.90.
Read Our Latest Report on CCOI
Cogent Communications Stock Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last issued its earnings results 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. The firm had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.09) earnings per share. On average, analysts expect that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.
Cogent Communications Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were paid a dividend of $0.02 per share. The ex-dividend date was Monday, May 18th. This represents a $0.08 annualized dividend and a dividend yield of 0.6%. Cogent Communications’s dividend payout ratio (DPR) is currently -2.25%.
Insider Buying and Selling
In other news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the sale, the vice president directly owned 38,600 shares in the company, valued at approximately $656,586. The trade was a 5.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’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 sale, the chief financial officer owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. The trade was a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is owned by company insiders.
Hedge Funds Weigh In On Cogent Communications
A number of large investors have recently bought and sold shares of CCOI. Parallel Advisors LLC raised its position in shares of Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after purchasing an additional 968 shares during the period. Quarry LP bought a new position in Cogent Communications during the 3rd quarter worth $27,000. Caitong International Asset Management Co. Ltd bought a new stake in Cogent Communications in the fourth quarter valued at $28,000. Hantz Financial Services Inc. lifted its stake in Cogent Communications by 313.9% in the fourth 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. Finally, Kestra Advisory Services LLC acquired a new position in shares of Cogent Communications during the fourth quarter valued at $43,000. Institutional investors 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.
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