Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Sells $391,584.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,800 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $81.58, for a total value of $391,584.00. Following the sale, the chief financial officer now directly owns 88,500 shares in the company, valued at $7,219,830. This represents a 5.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $78.72 on Friday. The company has a fifty day moving average of $80.81 and a two-hundred day moving average of $70.02. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. The stock has a market capitalization of $3.86 billion, a PE ratio of 100.92 and a beta of 0.39. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last issued 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 net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same period last year, the company posted ($1.13) EPS. Cogent Communications’s quarterly revenue was down 6.6% compared to the same quarter last year. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.53 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.995 dividend. The ex-dividend date is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.06%. Cogent Communications’s payout ratio is currently 510.26%.

Institutional Trading of Cogent Communications

Several large investors have recently made changes to their positions in CCOI. Itau Unibanco Holding S.A. purchased a new position in Cogent Communications in the 3rd quarter valued at $30,000. Blue Trust Inc. lifted its stake in shares of Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after buying 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 third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after buying an additional 226 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after acquiring an additional 441 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in Cogent Communications in the 3rd quarter valued at about $46,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CCOI shares. The Goldman Sachs Group upped their target price on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research note on Friday, October 4th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Citigroup raised their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. Two equities 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 given a strong buy rating to the company’s stock. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $80.25.

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.