Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $12.33 and last traded at $13.14, with a volume of 1972120 shares trading hands. The stock had previously closed at $13.41.
Analysts Set New Price Targets
Several research firms recently issued reports on CCOI. Royal Bank Of Canada cut their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, May 6th. Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Citigroup cut their target price on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, May 19th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $22.00 price target on shares of Cogent Communications in a research note on Friday, May 29th. Finally, UBS Group cut their price objective on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. Three investment 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, Cogent Communications presently has an average rating of “Hold” and an average target price of $24.90.
View Our Latest Report on CCOI
Cogent Communications Stock Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) 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 company had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. During the same period in the previous year, the business earned ($1.09) earnings per share. Cogent Communications’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.
Cogent Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio is presently -2.25%.
Insider Activity
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total value of $81,431.50. Following the sale, the chief financial officer owned 197,900 shares of the company’s stock, valued at $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president owned 38,600 shares in the company, valued at $656,586. This represents a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.20% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Cogent Communications in the first quarter worth $202,000. Goldman Sachs Group Inc. increased its position in Cogent Communications by 26.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock worth $29,215,000 after purchasing an additional 100,969 shares in the last quarter. Empowered Funds LLC increased its position in Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock worth $335,000 after purchasing an additional 510 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cogent Communications by 23.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock valued at $9,919,000 after purchasing an additional 30,630 shares during the last quarter. Finally, Strs Ohio purchased a new position in Cogent Communications in the 1st quarter valued at about $104,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.
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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