Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Sells $391,584.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,800 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $81.58, for a total value of $391,584.00. Following the transaction, the chief financial officer now owns 88,500 shares in the company, valued at $7,219,830. This trade represents a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cogent Communications Stock Performance

NASDAQ CCOI traded down $2.68 on Tuesday, reaching $80.61. The stock had a trading volume of 829,845 shares, compared to its average volume of 439,718. 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 stock has a market cap of $3.95 billion, a P/E ratio of 104.91 and a beta of 0.39. The business’s 50-day moving average price is $80.54 and its 200 day moving average price is $69.80. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same quarter in the prior year, the firm earned ($1.13) earnings per share. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. As a group, equities analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.995 dividend. This represents a $3.98 annualized dividend and a dividend yield of 4.94%. The ex-dividend date is Friday, November 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio (DPR) is 510.26%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Thrivent Financial for Lutherans lifted its position in Cogent Communications by 2,739.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock valued at $58,430,000 after purchasing an additional 998,796 shares during the period. EdgePoint Investment Group Inc. lifted its holdings in shares of Cogent Communications by 46.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock valued at $86,759,000 after buying an additional 485,628 shares during the period. Hood River Capital Management LLC lifted its holdings in shares of Cogent Communications by 18.9% in the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after buying an additional 138,680 shares during the period. AYAL Capital Advisors Ltd purchased a new stake in shares of Cogent Communications in the second quarter valued at approximately $6,372,000. Finally, Verition Fund Management LLC boosted its position in shares of Cogent Communications by 136.5% during the 3rd quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company’s stock worth $11,025,000 after purchasing an additional 83,816 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. UBS Group began coverage on Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective on the stock. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. KeyCorp increased their price target on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. raised their price target on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and a consensus target price of $80.25.

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.