Thaddeus Gerard Weed Sells 4,900 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total value of $235,396.00. Following the completion of the sale, the chief financial officer now directly owns 98,000 shares of the company’s stock, valued at approximately $4,707,920. This represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Thaddeus Gerard Weed also recently made the following trade(s):

• On Wednesday, May 28th, Thaddeus Gerard Weed sold 100 shares of Cogent Communications stock. The shares were sold at an average price of $47.66, for a total value of $4,766.00.

Cogent Communications Trading Down 0.7%

Shares of CCOI opened at $48.63 on Wednesday. The company has a market capitalization of $2.40 billion, a P/E ratio of 62.35 and a beta of 0.72. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76. 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 50-day moving average price of $50.94 and a 200 day moving average price of $66.42.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data 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). Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. During the same quarter in the previous year, the company earned ($1.38) EPS. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. Sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were paid a dividend of $1.01 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 annualized dividend and a yield of 8.31%. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is presently -100.75%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CCOI shares. UBS Group reduced their price objective 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. Wall Street Zen upgraded Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group reduced their price objective on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and an average price target of $75.75.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently bought and sold shares of CCOI. Blue Trust Inc. raised its stake in Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after buying an additional 218 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Cogent Communications by 4.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company’s stock worth $400,000 after purchasing an additional 212 shares during the last quarter. Vest Financial LLC lifted its holdings in shares of Cogent Communications by 21.4% in the 4th quarter. Vest Financial LLC now owns 3,305 shares of the technology company’s stock worth $255,000 after purchasing an additional 582 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Cogent Communications in the 4th quarter worth approximately $382,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Cogent Communications by 543.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 21,040 shares of the technology company’s stock worth $1,622,000 after purchasing an additional 17,772 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

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.