Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sells 6,220 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath sold 6,220 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total value of $520,551.80. Following the completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $836,900. This represents a 38.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cogent Communications Trading Up 0.4 %

NASDAQ:CCOI opened at $83.16 on Friday. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The stock has a fifty day moving average price of $79.21 and a two-hundred day moving average price of $68.77. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 106.61 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The company had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 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 6.6% compared to the same quarter last year. During the same period last year, the company posted ($1.13) earnings per share. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.995 per share. This represents a $3.98 dividend on an annualized basis and a yield of 4.79%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s payout ratio is presently 505.13%.

Institutional Trading of Cogent Communications

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Cogent Communications by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock worth $77,021,000 after buying an additional 3,093 shares in the last quarter. EdgePoint Investment Group Inc. grew its holdings in shares of Cogent Communications by 0.3% during the third quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock worth $117,107,000 after buying an additional 5,307 shares in the last quarter. State Street Corp grew its stake in Cogent Communications by 1.3% in the 3rd quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock worth $132,921,000 after acquiring an additional 22,738 shares during the period. Parallax Volatility Advisers L.P. raised its holdings in Cogent Communications by 48.0% in the 3rd quarter. Parallax Volatility Advisers L.P. now owns 11,795 shares of the technology company’s stock valued at $895,000 after acquiring an additional 3,825 shares during the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Cogent Communications during the 3rd quarter worth $30,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Citigroup increased their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. The Goldman Sachs Group boosted their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. TD Cowen increased their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and an average price target of $80.25.

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.