Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed Sells 2,400 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Free Report) CFO Thaddeus Gerard Weed sold 2,400 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $52.60, for a total transaction of $126,240.00. Following the sale, the chief financial officer now directly owns 93,300 shares of the company’s stock, valued at approximately $4,907,580. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $54.44 on Thursday. The company has a market capitalization of $2.67 billion, a PE ratio of 2.16 and a beta of 0.41. The company has a 50 day simple moving average of $61.13 and a two-hundred day simple moving average of $68.23. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.00.

Cogent Communications (NASDAQ:CCOIGet Free Report) last released its earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). The firm had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. Research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.63 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd were issued a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a dividend yield of 7.16%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio is presently 15.45%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. TheStreet raised shares of Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. TD Cowen lowered their target price on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, May 10th. JPMorgan Chase & Co. lowered their target price on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. KeyCorp lowered their target price on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Finally, StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $75.14.

Read Our Latest Report on Cogent Communications

Hedge Funds Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently modified their holdings of CCOI. EdgePoint Investment Group Inc. boosted its holdings in shares of Cogent Communications by 500.1% during the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after buying an additional 876,326 shares in the last quarter. Capital World Investors boosted its holdings in shares of Cogent Communications by 327.7% during the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares in the last quarter. Norges Bank bought a new position in shares of Cogent Communications during the 4th quarter worth approximately $50,430,000. Westwood Holdings Group Inc. bought a new position in shares of Cogent Communications during the 4th quarter worth approximately $48,184,000. Finally, M&G Plc bought a new position in shares of Cogent Communications during the 1st quarter worth approximately $27,942,000. 92.45% of the stock is currently owned by institutional investors.

About Cogent Communications

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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.

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