Short Interest in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Increases By 24.9%

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 5,210,000 shares, an increase of 24.9% from the May 15th total of 4,170,000 shares. Based on an average trading volume of 710,800 shares, the short-interest ratio is currently 7.3 days. Currently, 11.9% of the shares of the stock are sold short.

Cogent Communications Price Performance

Shares of CCOI stock traded up $0.72 on Friday, reaching $47.45. The company had a trading volume of 2,071,182 shares, compared to its average volume of 511,662. The stock has a market capitalization of $2.34 billion, a PE ratio of -11.83 and a beta of 0.72. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89. Cogent Communications has a one year low of $43.65 and a one year high of $86.76. The business's 50-day moving average is $50.07 and its 200 day moving average is $64.59.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The business had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. During the same quarter last year, the business earned ($1.38) EPS. The firm's quarterly revenue was down 7.2% compared to the same quarter last year. Equities research analysts forecast that Cogent Communications will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.01 per share. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 annualized dividend and a yield of 8.51%. Cogent Communications's dividend payout ratio (DPR) is presently -100.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCOI. Wall Street Zen raised shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. The Goldman Sachs Group cut their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, UBS Group cut their price objective on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $75.75.

Insiders Place Their Bets

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $48.04, for a total value of $235,396.00. Following the completion of the transaction, the chief financial officer now owns 98,000 shares in the company, valued at $4,707,920. This represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dave Schaeffer sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $46.27, for a total transaction of $1,156,750.00. Following the completion of the transaction, the chief executive officer now owns 4,176,721 shares of the company's stock, valued at $193,256,880.67. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,500 shares of company stock valued at $21,285,069. Insiders own 11.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in Cogent Communications by 1.0% during the 1st quarter. Rhumbline Advisers now owns 124,020 shares of the technology company's stock worth $7,604,000 after purchasing an additional 1,273 shares during the last quarter. Strs Ohio bought a new position in Cogent Communications during the 1st quarter worth approximately $104,000. Intech Investment Management LLC raised its holdings in Cogent Communications by 20.5% during the 1st quarter. Intech Investment Management LLC now owns 48,748 shares of the technology company's stock worth $2,989,000 after purchasing an additional 8,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Cogent Communications by 23.4% during 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 worth $9,919,000 after purchasing an additional 30,630 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings 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 during the last quarter. Institutional investors own 92.45% of the company's stock.

Cogent Communications Company Profile

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.