Cogent Communications (NASDAQ:CCOI) Sets New 12-Month Low - Time to Sell?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $43.65 and last traded at $44.85, with a volume of 174934 shares. The stock had previously closed at $45.04.

Wall Street Analysts Forecast Growth

CCOI has been the subject of several analyst reports. Wall Street Zen raised shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. The Goldman Sachs Group dropped their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, UBS Group reduced their price target on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $75.75.

Cogent Communications Stock Up 2.8%

The company's 50 day simple moving average is $54.48 and its 200-day simple moving average is $68.85. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market capitalization of $2.38 billion, a PE ratio of 61.69 and a beta of 0.76.

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). The business had revenue of $247.05 million during the quarter, compared to analysts' expectations of $250.81 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company's quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the business posted ($1.38) EPS. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.38%. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend is Thursday, May 22nd. Cogent Communications's payout ratio is presently -100.75%.

Insider Buying and Selling

In related news, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.96, for a total value of $103,968.00. Following the sale, the director now directly owns 10,147 shares of the company's stock, valued at $740,325.12. This trade represents a 12.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Dave Schaeffer sold 25,000 shares of the business'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 value of $1,156,750.00. Following the transaction, the chief executive officer now directly owns 4,176,721 shares in the company, valued at $193,256,880.67. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,681 shares of company stock worth $1,997,628 in the last 90 days. 11.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CCOI. Intech Investment Management LLC lifted its position 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 valued at $2,989,000 after acquiring an additional 8,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Cogent Communications by 23.4% during the first 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. Empowered Funds LLC lifted its holdings in shares of Cogent Communications by 10.3% during the first 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. Aristeia Capital L.L.C. bought a new stake in shares of Cogent Communications in the 1st quarter worth approximately $377,000. Finally, Goldman Sachs Group Inc. boosted its position 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 worth $29,215,000 after purchasing an additional 100,969 shares in the last quarter. Hedge funds and other 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.