Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Sells $235,396.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the sale, the chief financial officer now owns 98,000 shares in the company, valued at approximately $4,707,920. This trade represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $4,766.00.

Cogent Communications Trading Up 2.3%

Shares of Cogent Communications stock traded up $1.12 during mid-day trading on Monday, hitting $48.96. The stock had a trading volume of 772,171 shares, compared to its average volume of 501,939. The firm has a 50-day moving average of $51.42 and a two-hundred day moving average of $66.78. The firm has a market cap of $2.42 billion, a P/E ratio of 62.77 and a beta of 0.72. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 12-month low of $43.65 and a 12-month high of $86.76.

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

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.25%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently -100.75%.

Institutional Trading of Cogent Communications

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Cogent Communications by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock worth $394,182,000 after buying an additional 43,523 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cogent Communications by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock valued at $39,255,000 after purchasing an additional 11,858 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Cogent Communications by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company’s stock worth $4,067,000 after buying an additional 327 shares during the last quarter. Norges Bank acquired a new position in shares of Cogent Communications in the 4th quarter worth approximately $4,994,000. Finally, Principal Financial Group Inc. raised its position in shares of Cogent Communications by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company’s stock valued at $15,892,000 after acquiring an additional 6,235 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCOI has been the topic of several research reports. UBS Group decreased their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Wall Street Zen raised shares of Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group decreased their target price on shares of 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 given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cogent Communications currently has an average rating of “Hold” and a consensus price target 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.