Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP John B. Chang Sells 1,400 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Cogent Communications Trading Up 1.3 %

NASDAQ:CCOI opened at $72.90 on Friday. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 2.89 and a beta of 0.40. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.00. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. The business’s 50-day simple moving average is $69.03 and its 200 day simple moving average is $64.18.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The company had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. Cogent Communications’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.13) EPS. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.985 per share. This represents a $3.94 dividend on an annualized basis and a yield of 5.40%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s dividend payout ratio is 15.61%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp grew its stake in Cogent Communications by 5.9% in the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock worth $321,000 after purchasing an additional 237 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cogent Communications by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 453,769 shares of the technology company’s stock worth $34,514,000 after acquiring an additional 4,413 shares in the last quarter. Jump Financial LLC increased its holdings in shares of Cogent Communications by 47.8% in the 4th quarter. Jump Financial LLC now owns 5,700 shares of the technology company’s stock valued at $434,000 after acquiring an additional 1,843 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cogent Communications during the 4th quarter valued at approximately $211,000. Finally, Prairieview Wealth Partners LLC bought a new position in Cogent Communications during the fourth quarter worth $634,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCOI has been the subject of several recent research reports. TD Cowen increased their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. KeyCorp upped their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group raised their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $75.86.

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.