Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Sells 4,800 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry W. Kilmer sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total value of $362,928.00. Following the sale, the vice president now directly owns 33,800 shares of the company’s stock, valued at $2,555,618. This represents a 12.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cogent Communications Price Performance

Shares of Cogent Communications stock traded up $0.24 on Friday, reaching $75.67. The stock had a trading volume of 14,294 shares, compared to its average volume of 436,568. The business’s 50 day moving average is $80.98 and its two-hundred day moving average is $70.69. The company has a market cap of $3.71 billion, a P/E ratio of 95.79 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. During the same quarter last year, the business posted ($1.13) earnings per share. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.995 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date was Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.26%. Cogent Communications’s dividend payout ratio is 510.26%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CCOI. UBS Group began coverage on shares of Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective for the company. Citigroup lifted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. The Goldman Sachs Group raised their target price on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research note 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 research note on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $80.25.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. bought a new position in Cogent Communications in the 3rd quarter worth $30,000. Blue Trust Inc. raised its position in shares of Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after acquiring an additional 272 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after purchasing an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after purchasing an additional 441 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Cogent Communications during the 3rd quarter valued at about $46,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

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.