Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 60,000 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $51.78, for a total value of $3,106,800.00. Following the sale, the chief executive officer now directly owns 4,433,038 shares of the company’s stock, valued at $229,542,707.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Dave Schaeffer also recently made the following trade(s):

• On Wednesday, June 12th, Dave Schaeffer sold 60,000 shares of Cogent Communications stock. The stock was sold at an average price of $54.60, for a total value of $3,276,000.00.
• On Monday, May 13th, Dave Schaeffer sold 50,000 shares of Cogent Communications stock. The shares were sold at an average price of $59.44, for a total transaction of $2,972,000.00.

Cogent Communications Price Performance

CCOI stock traded up $0.16 during midday trading on Monday, hitting $52.34. 340,448 shares of the stock were exchanged, compared to its average volume of 438,785. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 2.07 and a beta of 0.41. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The stock’s 50-day moving average price is $60.48 and its 200-day moving average price is $67.98.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The business had revenue of $266.17 million during the quarter, compared to analyst estimates of $274.13 million. Research analysts predict that Cogent Communications Holdings, Inc. will post -4.63 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd were given a dividend of $0.975 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.90 annualized dividend and a yield of 7.45%. Cogent Communications’s dividend payout ratio (DPR) is presently 15.45%.

Institutional Trading of Cogent Communications

Institutional investors and hedge funds have recently made changes to their positions in the stock. EntryPoint Capital LLC acquired a new position in Cogent Communications in the 1st quarter valued at $26,000. SRS Capital Advisors Inc. increased its stake in Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after purchasing an additional 383 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in Cogent Communications by 109.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after buying an additional 333 shares during the period. Covestor Ltd boosted its stake in Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after buying an additional 276 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in Cogent Communications by 56.7% in the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock valued at $154,000 after buying an additional 733 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CCOI has been the subject of several analyst reports. KeyCorp cut their price target on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Bank of America downgraded Cogent Communications from a “buy” rating to a “neutral” rating and cut their target price for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. TD Cowen decreased their price target on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $75.14.

About Cogent Communications

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.