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Sheryl Kennedy, a director at Cogent Communications Holdings, Inc. (NASDAQ:CCOI), recently sold a portion of her holdings in the company. The stock has experienced a notable 7.62% decline over the past week, though it maintains its position as a consistent dividend payer with 13 consecutive years of dividend increases. According to the latest SEC filing, Kennedy sold 1,425 shares of common stock at an average price of $72.96 per share. The total value of the transaction amounted to approximately $103,967. Following this sale, Kennedy retains ownership of 10,147 shares in the company. Based on InvestingPro analysis, the stock appears overvalued at current levels, with analyst price targets ranging from $60 to $102. For deeper insights, InvestingPro offers 10 additional investment tips and a comprehensive research report for this stock.
In other recent news, Cogent Communications reported fourth-quarter revenue of $252.3 million, which was below the consensus estimate of $258.04 million. This represents a 1.9% decrease from the previous quarter and a 7.3% decline year-over-year. The company posted a loss of $0.91 per share, outperforming analysts’ expectations of a $1.22 loss per share. Cogent Communications noted that lower office occupancy rates have impacted its corporate revenue, although some markets are showing improvement. On-net revenue, from customers in buildings directly connected to its network, fell 5.7% sequentially to $128.8 million, while off-net revenue increased 1.7% to $113.2 million. The company experienced significant growth in its wavelength and IPv4 leasing businesses, with wavelength revenue increasing 31.8% to $7.0 million and IPv4 leasing revenue rising 11.8% to $12.6 million. Additionally, Cogent approved a dividend increase of $0.01 per share to $1.005 for the first quarter of 2025. Meanwhile, KeyBanc Capital Markets maintained an Overweight rating on Cogent Communications, with a price target of $91, citing factors like EBITDA margin strength and potential growth in revenue. KeyBanc also highlighted the company’s capacity to secure capital through its IPv4 asset-backed securities facility.
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