Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Sells $115,080.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $47.95, for a total value of $115,080.00. Following the transaction, the vice president now owns 38,600 shares of the company’s stock, valued at approximately $1,850,870. This trade represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Cogent Communications Stock Performance

Cogent Communications stock opened at $48.19 on Thursday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The stock has a fifty day moving average price of $50.76 and a two-hundred day moving average price of $66.29. Cogent Communications Holdings, Inc. has a 52-week low of $43.65 and a 52-week high of $86.76. The firm has a market capitalization of $2.38 billion, a P/E ratio of 61.78 and a beta of 0.72.

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

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 8.38%. The ex-dividend date of this dividend was Thursday, May 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is presently -100.75%.

Institutional Trading of Cogent Communications

Several large investors have recently made changes to their positions in CCOI. Vanguard Group Inc. boosted its holdings in Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock valued at $394,182,000 after acquiring an additional 43,523 shares during the last quarter. EdgePoint Investment Group Inc. raised its position in shares of Cogent Communications by 30.4% during the first quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company’s stock worth $123,374,000 after purchasing an additional 469,028 shares during the period. Brown Advisory Inc. raised its position in Cogent Communications by 24.1% in the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company’s stock valued at $146,209,000 after buying an additional 368,129 shares during the last quarter. Hood River Capital Management LLC raised its position in Cogent Communications by 21.8% in the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company’s stock valued at $110,738,000 after buying an additional 257,383 shares during the last quarter. Finally, DigitalBridge Group Inc. raised its position in Cogent Communications by 246.0% in the 4th quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company’s stock valued at $69,973,000 after buying an additional 645,521 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wall Street Zen upgraded Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. UBS Group cut their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, The Goldman Sachs Group cut their target price on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company 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 issued a buy rating to the company. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and an average target price of $75.75.

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.