Insider Selling: Cogent Communications (NASDAQ:CCOI) Director Sells 2,400 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 2,400 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total transaction of $51,216.00. Following the sale, the director owned 10,012 shares in the company, valued at $213,656.08. This represents a 19.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Sheryl Lynn Kennedy also recently made the following trade(s):

• On Thursday, August 21st, Sheryl Lynn Kennedy sold 2,000 shares of Cogent Communications stock. The stock was sold at an average price of $36.35, for a total value of $72,700.00.

Cogent Communications Price Performance

Shares of CCOI stock traded down $2.13 on Wednesday, reaching $18.49. The company had a trading volume of 3,671,993 shares, compared to its average volume of 947,184. The stock has a market capitalization of $908.25 million, a PE ratio of -4.07 and a beta of 0.77. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. The business’s 50-day moving average is $39.00 and its 200 day moving average is $43.83. Cogent Communications Holdings, Inc. has a one year low of $18.46 and a one year high of $85.18.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.28. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The company had revenue of $241.95 million during the quarter, compared to analysts’ expectations of $246.13 million. During the same period in the prior year, the company earned ($1.33) EPS. Cogent Communications’s revenue was down 5.9% compared to the same quarter last year. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Friday, November 21st will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, November 21st. Cogent Communications’s dividend payout ratio is -1.96%.

Cogent Communications declared that its Board of Directors has approved a share repurchase program on Thursday, August 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC bought a new stake in shares of Cogent Communications in the 1st quarter worth $36,000. Farther Finance Advisors LLC increased its stake in Cogent Communications by 297.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after buying an additional 554 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Cogent Communications in the 2nd quarter worth approximately $40,000. Byrne Asset Management LLC bought a new position in shares of Cogent Communications in the second quarter valued at approximately $41,000. Finally, Resources Management Corp CT ADV bought a new stake in Cogent Communications during the first quarter worth $48,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCOI has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Cogent Communications in a report on Wednesday, October 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $27.00 price target (down previously from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. KeyCorp lowered their price objective on Cogent Communications from $65.00 to $30.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. UBS Group restated a “neutral” rating and set a $27.00 target price (down previously from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Finally, The Goldman Sachs Group lowered their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, November 7th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $29.00.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.