Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Sells 70,000 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Free Report) CEO Dave Schaeffer sold 70,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $47.11, for a total transaction of $3,297,700.00. Following the completion of the sale, the chief executive officer now directly owns 3,356,721 shares of the company’s stock, valued at $158,135,126.31. This trade represents a 2.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

  • On Friday, June 13th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The shares were sold at an average price of $47.40, for a total value of $2,607,000.00.
  • On Wednesday, June 11th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The shares were sold at an average price of $48.51, for a total value of $2,668,050.00.
  • 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 stock was sold at an average price of $47.76, for a total value of $3,582,000.00.
  • On Tuesday, May 27th, Dave Schaeffer sold 20,000 shares of Cogent Communications stock. The shares were 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 shares were sold at an average price of $46.27, for a total value of $1,156,750.00.

Cogent Communications Stock Down 0.1%

Shares of Cogent Communications stock opened at $46.91 on Tuesday. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 60.14 and a beta of 0.72. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a 52-week low of $43.65 and a 52-week high of $86.76. The stock has a 50-day simple moving average of $50.51 and a 200-day simple moving average of $65.33.

Cogent Communications (NASDAQ:CCOIGet Free Report) 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 analyst estimates of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.38) earnings per share. On average, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.61%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date was Thursday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently -100.75%.

Wall Street Analyst Weigh In

CCOI has been the topic of a number of research analyst reports. Wall Street Zen raised Cogent Communications to a “sell” rating in a report on Monday, March 3rd. The Goldman Sachs Group lowered their price target on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Finally, UBS Group lowered their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Two 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.75.

View Our Latest Stock Report on CCOI

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers raised its stake in shares of Cogent Communications by 1.0% in the 1st quarter. Rhumbline Advisers now owns 124,020 shares of the technology company’s stock valued at $7,604,000 after acquiring an additional 1,273 shares in the last quarter. Strs Ohio bought a new position in shares of Cogent Communications in the 1st quarter valued at approximately $104,000. Intech Investment Management LLC increased its position in Cogent Communications by 20.5% in the 1st quarter. Intech Investment Management LLC now owns 48,748 shares of the technology company’s stock worth $2,989,000 after buying an additional 8,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Cogent Communications by 23.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock worth $9,919,000 after buying an additional 30,630 shares during the period. Finally, Empowered Funds LLC increased its position in Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock worth $335,000 after buying an additional 510 shares during the period. 92.45% of the stock is owned by institutional investors.

Cogent Communications Company Profile

(Get Free Report)

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.

See Also

Insider Buying and Selling by Quarter for Cogent Communications (NASDAQ:CCOI)

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