Sheryl Lynn Kennedy Sells 1,350 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 1,350 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.58, for a total transaction of $108,783.00. Following the completion of the transaction, the director now directly owns 10,318 shares of the company’s stock, valued at $831,424.44. This trade represents a 11.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Cogent Communications Price Performance

NASDAQ:CCOI opened at $77.81 on Friday. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 99.76 and a beta of 0.40. The firm’s fifty day moving average is $78.08 and its two-hundred day moving average is $68.02.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same period in the prior year, the company posted ($1.13) EPS. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. Research analysts expect that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio is presently 505.13%.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds have recently modified their holdings of CCOI. BNP Paribas Financial Markets raised its position in shares of Cogent Communications by 1.1% during the 1st quarter. BNP Paribas Financial Markets now owns 38,040 shares of the technology company’s stock worth $2,485,000 after purchasing an additional 419 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Cogent Communications by 25.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 12,021 shares of the technology company’s stock worth $785,000 after purchasing an additional 2,454 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Cogent Communications by 265.9% during the 1st quarter. SG Americas Securities LLC now owns 7,805 shares of the technology company’s stock worth $510,000 after purchasing an additional 5,672 shares during the last quarter. Sei Investments Co. raised its position in shares of Cogent Communications by 1.3% during the 1st quarter. Sei Investments Co. now owns 92,427 shares of the technology company’s stock worth $6,038,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Cogent Communications during the 1st quarter worth about $136,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CCOI has been the topic of a number of recent analyst reports. KeyCorp upped their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group initiated coverage on Cogent Communications in a research report on Thursday. They set a “buy” rating and a $102.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. Finally, Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus 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.