Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Sells $973,400.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $48.67, for a total transaction of $973,400.00. Following the transaction, the chief executive officer now directly owns 4,131,721 shares in the company, valued at approximately $201,090,861.07. The trade was a 0.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, May 22nd, Dave Schaeffer sold 25,000 shares of Cogent Communications stock. The stock was sold at an average price of $46.27, for a total value of $1,156,750.00.

Cogent Communications Price Performance

NASDAQ CCOI traded down $2.43 on Wednesday, reaching $46.76. The company’s stock had a trading volume of 842,354 shares, compared to its average volume of 491,710. The firm has a market cap of $2.31 billion, a PE ratio of 59.95 and a beta of 0.76. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The business has a 50-day moving average price of $54.08 and a 200 day moving average price of $68.71.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The firm had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the business earned ($1.38) earnings per share. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be issued a $1.01 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a dividend yield of 8.64%. The ex-dividend date of this dividend is Thursday, May 22nd. Cogent Communications’s payout ratio is presently -100.75%.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. The Goldman Sachs Group reduced their target price on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, UBS Group lowered their price target on Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $75.75.

Institutional Investors Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AlphaQuest LLC bought a new position in shares of Cogent Communications in the first quarter valued at about $36,000. Hillsdale Investment Management Inc. bought a new position in Cogent Communications in the 4th quarter worth approximately $46,000. Blue Trust Inc. lifted its holdings in Cogent Communications by 53.8% during the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after buying an additional 218 shares in the last quarter. Itau Unibanco Holding S.A. raised its position in shares of Cogent Communications by 58.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after acquiring an additional 229 shares during the last quarter. Finally, Resources Management Corp CT ADV bought a new position in Cogent Communications in the first quarter valued at about $48,000. 92.45% of the stock is owned by institutional investors and hedge funds.

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.