Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Sells $353,094.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $72.06, for a total transaction of $353,094.00. Following the completion of the transaction, the chief financial officer now directly owns 103,000 shares in the company, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Cogent Communications Stock Up 0.1 %

NASDAQ CCOI traded up $0.05 on Tuesday, reaching $71.37. The stock had a trading volume of 144,607 shares, compared to its average volume of 353,369. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The business has a 50 day moving average price of $76.56 and a 200 day moving average price of $77.10. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 91.53 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $252.29 million for the quarter, compared to the consensus estimate of $258.49 million. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $1.005 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.02 annualized dividend and a yield of 5.63%. Cogent Communications’s dividend payout ratio is -93.49%.

Institutional Trading of Cogent Communications

A number of hedge funds have recently modified their holdings of CCOI. Ulysses Management LLC raised its position in Cogent Communications by 9.6% in the fourth quarter. Ulysses Management LLC now owns 372,166 shares of the technology company’s stock worth $28,683,000 after purchasing an additional 32,596 shares in the last quarter. Turtle Creek Asset Management Inc. acquired a new stake in shares of Cogent Communications in the fourth quarter valued at $9,649,000. Tyro Capital Management LLC raised its holdings in shares of Cogent Communications by 20.1% in the fourth quarter. Tyro Capital Management LLC now owns 420,825 shares of the technology company’s stock valued at $32,433,000 after buying an additional 70,521 shares during the last quarter. Shellback Capital LP acquired a new position in Cogent Communications during the 4th quarter worth about $9,255,000. Finally, SG Capital Management LLC increased its position in Cogent Communications by 105.2% in the 4th quarter. SG Capital Management LLC now owns 201,916 shares of the technology company’s stock valued at $15,562,000 after acquiring an additional 103,498 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. StockNews.com raised shares of Cogent Communications to a “sell” rating in a research note on Monday. UBS Group assumed coverage on Cogent Communications in a research note on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and an average target price 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.