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

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the transaction, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Cogent Communications Trading Down 2.4%

CCOI stock opened at $16.05 on Wednesday. Cogent Communications Holdings, Inc. has a 12 month low of $14.41 and a 12 month high of $54.37. The company has a 50-day moving average price of $19.20 and a 200 day moving average price of $20.93. The stock has a market cap of $803.78 million, a PE ratio of -4.52 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 company had revenue of $239.19 million during the quarter, compared to analyst estimates of $241.31 million. During the same quarter last year, the business posted ($1.09) EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Dividend Announcement

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

Institutional Investors Weigh In On Cogent Communications

Several large investors have recently modified their holdings of CCOI. AQR Capital Management LLC bought a new stake in shares of Cogent Communications in the 1st quarter valued at about $202,000. Goldman Sachs Group Inc. raised its holdings in shares of Cogent Communications by 26.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock valued at $29,215,000 after purchasing an additional 100,969 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $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 holdings in shares of 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 in the last quarter. Finally, Strs Ohio bought a new stake in shares of Cogent Communications in the 1st quarter valued at about $104,000. Institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

CCOI has been the subject of a number of research analyst reports. Royal Bank Of Canada decreased their price objective 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. Williams Trading set a $40.00 price objective on shares of Cogent Communications in a report on Monday, February 23rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $22.00 price objective on shares of Cogent Communications in a report on Friday, May 29th. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. Finally, KeyCorp reduced their price target on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.90.

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.