Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report) rose 6% on Wednesday . The company traded as high as $12.26 and last traded at $12.3510. Approximately 100,841 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 1,236,232 shares. The stock had previously closed at $11.65.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $22.00 price target on shares of Cogent Communications in a report on Friday, May 29th. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Citigroup reduced their target price 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. Wells Fargo & Company decreased their target price on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a research report on Thursday, May 7th. Finally, TD Cowen restated a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $24.90.
Read Our Latest Report on CCOI
Cogent Communications Price Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.20. The firm had revenue of $239.19 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned ($1.09) EPS. As a group, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.
Cogent Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, May 18th. Cogent Communications’s dividend payout ratio is currently -2.25%.
Insider Buying and Selling at Cogent Communications
In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated 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 trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction that occurred 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 transaction, the chief financial officer owned 197,900 shares of the company’s stock, valued at $3,322,741. This trade represents a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.20% of the company’s stock.
Institutional Investors Weigh In On Cogent Communications
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Turtle Creek Asset Management Inc. grew its holdings in shares of Cogent Communications by 64.9% during the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after buying an additional 1,811,222 shares in the last quarter. Park West Asset Management LLC bought a new stake in Cogent Communications in the 4th quarter valued at approximately $30,380,000. Bank of America Corp DE boosted its position in Cogent Communications by 551.2% during the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock worth $43,965,000 after acquiring an additional 970,367 shares during the last quarter. MIG Capital LLC acquired a new position in Cogent Communications during the 4th quarter worth approximately $12,272,000. Finally, First Trust Advisors LP grew its stake in shares of Cogent Communications by 86.8% during the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after acquiring an additional 547,188 shares in the last quarter. 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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