Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 75,000 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 75,000 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $47.76, for a total transaction of $3,582,000.00. Following the completion of the sale, the chief executive officer now owns 3,856,721 shares of the company's stock, valued at approximately $184,196,994.96. This represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Dave Schaeffer also recently made the following trade(s):

• On Tuesday, May 27th, Dave Schaeffer sold 20,000 shares of Cogent Communications stock. The shares were sold at an average price of $48.67, for a total transaction of $973,400.00.
• On Thursday, May 22nd, Dave Schaeffer sold 25,000 shares of Cogent Communications stock. The shares were sold at an average price of $46.27, for a total value of $1,156,750.00.

Cogent Communications Trading Up 0.4%

Shares of NASDAQ CCOI traded up $0.19 during mid-day trading on Friday, hitting $47.60. The stock had a trading volume of 179,724 shares, compared to its average volume of 499,448. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The firm has a market cap of $2.35 billion, a P/E ratio of 61.04 and a beta of 0.72. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The business has a 50 day moving average price of $51.70 and a two-hundred day moving average price of $67.22.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.04). Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $247.05 million during the quarter, compared to analysts' expectations of $250.81 million. During the same period in the previous year, the company earned ($1.38) earnings per share. Cogent Communications's revenue for the quarter was down 7.2% on a year-over-year basis. On average, equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Thursday, May 22nd will be issued a $1.01 dividend. This represents a $4.04 annualized dividend and a yield of 8.49%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend is Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is presently -100.75%.

Wall Street Analyst Weigh In

CCOI has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Finally, UBS Group reduced their price target on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cogent Communications presently has a consensus rating of "Hold" and an average target price of $75.75.

Institutional Trading of Cogent Communications

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in shares of Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after buying an additional 218 shares during the last quarter. KBC Group NV boosted its holdings in Cogent Communications by 59.0% in the 4th quarter. KBC Group NV now owns 2,326 shares of the technology company's stock worth $179,000 after buying an additional 863 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Cogent Communications by 4.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company's stock valued at $400,000 after purchasing an additional 212 shares during the period. Vest Financial LLC boosted its position in shares of Cogent Communications by 21.4% during the fourth quarter. Vest Financial LLC now owns 3,305 shares of the technology company's stock worth $255,000 after acquiring an additional 582 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Cogent Communications in the 4th quarter valued at $382,000. 92.45% of the stock is currently owned by institutional investors.

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.