Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Sells 2,280 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP John B. Chang sold 2,280 shares of Cogent Communications stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $80.41, for a total transaction of $183,334.80. Following the completion of the sale, the vice president now owns 69,300 shares in the company, valued at approximately $5,572,413. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $78.64 on Thursday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm’s 50 day moving average is $77.97 and its two-hundred day moving average is $67.95. The firm has a market capitalization of $3.85 billion, a P/E ratio of 100.82 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76.

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

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This represents a $3.98 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date of this dividend is Friday, November 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio is 505.13%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CCOI shares. Bank of America downgraded Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their target price on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. TD Cowen raised their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. KeyCorp raised their price objective on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, Citigroup boosted their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus target price of $77.14.

Hedge Funds Weigh In On Cogent Communications

Institutional investors and hedge funds have recently modified their holdings of the company. M&G Plc acquired a new stake in Cogent Communications during the first quarter worth about $27,942,000. Capital World Investors boosted its holdings in Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after purchasing an additional 752,133 shares during the period. Harbor Capital Advisors Inc. raised its stake in Cogent Communications by 289.6% during the second quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company’s stock worth $566,000 after acquiring an additional 7,448 shares during the period. Westwood Holdings Group Inc. grew its stake in Cogent Communications by 16.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after buying an additional 105,164 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in Cogent Communications by 55.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company’s stock worth $1,467,000 after purchasing an additional 8,223 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

About Cogent Communications

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.