Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Sells $2,607,000.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 55,000 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $47.40, for a total value of $2,607,000.00. Following the completion of the sale, the chief executive officer now owns 3,426,721 shares of the company's stock, valued at $162,426,575.40. This trade represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Wednesday, June 11th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The shares were sold at an average price of $48.51, for a total transaction of $2,668,050.00.
• On Monday, June 9th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The shares were sold at an average price of $48.64, for a total value of $2,675,200.00.
• On Friday, June 6th, Dave Schaeffer sold 80,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.78, for a total transaction of $3,822,400.00.
• On Wednesday, June 4th, Dave Schaeffer sold 75,000 shares of Cogent Communications stock. The shares were sold at an average price of $47.76, for a total transaction of $3,582,000.00.
• On Tuesday, May 27th, Dave Schaeffer sold 20,000 shares of Cogent Communications stock. The stock was 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 stock was sold at an average price of $46.27, for a total value of $1,156,750.00.

Cogent Communications Stock Up 1.1%

NASDAQ:CCOI traded up $0.51 on Monday, reaching $47.49. 96,983 shares of the stock traded hands, compared to its average volume of 500,803. The company's fifty day simple moving average is $50.58 and its 200 day simple moving average is $65.57. 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 Holdings, Inc. has a 12 month low of $43.65 and a 12 month high of $86.76. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 60.88 and a beta of 0.72.

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

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were issued a $1.01 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 dividend on an annualized basis and a yield of 8.51%. The ex-dividend date of this dividend was Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is currently -100.75%.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently modified their holdings of CCOI. Rhumbline Advisers increased its stake in Cogent Communications by 1.0% during the first quarter. Rhumbline Advisers now owns 124,020 shares of the technology company's stock worth $7,604,000 after acquiring an additional 1,273 shares during the last quarter. Strs Ohio acquired a new position in Cogent Communications in the 1st quarter worth approximately $104,000. Intech Investment Management LLC grew its holdings in Cogent Communications by 20.5% during the first quarter. Intech Investment Management LLC now owns 48,748 shares of the technology company's stock worth $2,989,000 after acquiring an additional 8,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Cogent Communications by 23.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company's stock valued at $9,919,000 after acquiring an additional 30,630 shares during the period. Finally, Empowered Funds LLC increased its stake in Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company's stock worth $335,000 after buying an additional 510 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on CCOI shares. Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. The Goldman Sachs Group dropped their target price on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, UBS Group cut their target price on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $75.75.

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.

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