Cogent Communications (NASDAQ:CCOI) Hits New 52-Week Low – Time to Sell?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $12.33 and last traded at $13.14, with a volume of 1972120 shares changing hands. The stock had previously closed at $13.41.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CCOI. Wells Fargo & Company decreased their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a report on Friday, May 29th. Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Royal Bank Of Canada lowered their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.90.

Cogent Communications Price Performance

The company has a market capitalization of $658.05 million, a price-to-earnings ratio of -3.70 and a beta of 0.77. The firm has a 50-day moving average price of $17.89 and a two-hundred day moving average price of $20.55.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.Cogent Communications’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the company earned ($1.09) earnings per share. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 0.6%. Cogent Communications’s dividend payout ratio is presently -2.25%.

Insiders Place Their Bets

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the completion of the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $81,431.50. Following the transaction, the chief financial officer directly owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Cogent Communications by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock worth $205,664,000 after buying an additional 270,975 shares during the last quarter. Arvin Capital Management LP acquired a new position in Cogent Communications in the 3rd quarter valued at about $2,301,000. Tyro Capital Management LLC grew its stake in Cogent Communications by 46.9% in the 3rd quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company’s stock valued at $35,868,000 after buying an additional 298,392 shares during the last quarter. Boothbay Fund Management LLC raised its holdings in Cogent Communications by 123.4% in the 3rd quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company’s stock valued at $11,989,000 after acquiring an additional 172,676 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Cogent Communications by 795.4% in the 4th quarter. SG Americas Securities LLC now owns 68,025 shares of the technology company’s stock valued at $1,467,000 after acquiring an additional 60,428 shares during the period. Institutional investors own 92.45% of the company’s stock.

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.