Dave Schaeffer Sells 55,000 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 55,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $48.51, for a total transaction of $2,668,050.00. Following the transaction, the chief executive officer now owns 3,536,721 shares of the company’s stock, valued at approximately $171,566,335.71. The trade was a 1.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Monday, June 9th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The stock was sold at an average price of $48.64, for a total value of $2,675,200.00.
• On Friday, June 6th, Dave Schaeffer sold 80,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.78, for a total value of $3,822,400.00.
• On Wednesday, June 4th, Dave Schaeffer sold 75,000 shares of Cogent Communications stock. The shares were sold at an average price of $47.76, for a total transaction of $3,582,000.00.
• On Tuesday, May 27th, Dave Schaeffer sold 20,000 shares of Cogent Communications stock. The stock was sold at an average price of $48.67, for a total value of $973,400.00.
• 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 Stock Down 2.1%

CCOI stock opened at $46.98 on Friday. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market cap of $2.32 billion, a PE ratio of 60.23 and a beta of 0.72. The business has a 50 day moving average of $50.58 and a 200 day moving average of $65.81.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The business had revenue of $247.05 million during 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%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the business posted ($1.38) EPS. On average, research 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 declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were paid a $1.01 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.60%. The ex-dividend date was Thursday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is -100.75%.

Hedge Funds Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co lifted its position in Cogent Communications by 0.3% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company’s stock valued at $4,055,000 after purchasing an additional 156 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Cogent Communications by 4.3% in the fourth 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. Royce & Associates LP increased its stake in Cogent Communications by 0.6% during the fourth quarter. Royce & Associates LP now owns 33,883 shares of the technology company’s stock worth $2,611,000 after acquiring an additional 218 shares during the last quarter. Itau Unibanco Holding S.A. increased its stake in 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, Ipswich Investment Management Co. Inc. increased its stake in Cogent Communications by 0.6% during the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company’s stock worth $2,620,000 after acquiring an additional 260 shares during the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group cut their price objective on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 9th. Wall Street Zen upgraded Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group decreased their target price on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and an average target price of $75.75.

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.