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

Key Points

• Cogent Communications CFO Thaddeus Gerard Weed sold 4,850 shares on June 16 at an average price of $16.79, totaling about $81,431.50. After the sale, he still held 197,900 shares, a 2.39% reduction in ownership.
• CCOI shares fell 2.6% to $16.02 on the day, trading well below both its 50-day and 200-day moving averages. The stock remains far off its 12-month high of $54.37.
• The company recently reported quarterly earnings of -$0.83 per share, beating estimates, while revenue came in slightly below expectations and was down 3.2% year over year. Analysts currently rate the stock a consensus Hold with an average target price of $24.90.

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CFO Thaddeus Gerard Weed sold 4,850 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the sale, the chief financial officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Cogent Communications Stock Down 2.6%

CCOI stock traded down $0.43 during trading hours on Tuesday, hitting $16.02. The company's stock had a trading volume of 927,595 shares, compared to its average volume of 1,189,684. The company has a market capitalization of $802.28 million, a PE ratio of -4.51 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 12 month low of $14.41 and a 12 month high of $54.37. The stock has a 50 day moving average price of $19.25 and a two-hundred day moving average price of $20.95.

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 the consensus estimate of ($1.03) by $0.20. The company had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.09) earnings per share. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, May 18th. Cogent Communications's payout ratio is presently -2.25%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CCOI. UBS Group reduced their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, May 5th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $22.00 price objective on shares of Cogent Communications in a research note on Friday, May 29th. Citigroup reduced their price objective 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. KeyCorp reduced their price objective on shares of Cogent Communications from $30.00 to $25.00 and set an "overweight" rating for the company in a research note on Monday, February 23rd. Finally, TD Cowen reduced their price objective on shares of Cogent Communications from $40.00 to $34.00 and set a "buy" rating for the company in a research note on Tuesday, May 5th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $24.90.

Hedge Funds Weigh In On Cogent Communications

Several large investors have recently bought and sold shares of CCOI. AQR Capital Management LLC acquired a new position in Cogent Communications during the 1st quarter valued at $202,000. Goldman Sachs Group Inc. raised its stake 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 valued at $29,215,000 after purchasing an additional 100,969 shares during the last quarter. Empowered Funds LLC raised its stake in Cogent Communications by 10.3% during 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 valued at $9,919,000 after purchasing an additional 30,630 shares during the last quarter. Finally, Strs Ohio acquired a new position in Cogent Communications during the 1st quarter valued at $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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