Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 20,000 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $48.67, for a total transaction of $973,400.00. Following the completion of the transaction, the chief executive officer now directly owns 4,131,721 shares in the company, valued at approximately $201,090,861.07. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• 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 transaction of $1,156,750.00.

Cogent Communications Stock Performance

Shares of CCOI traded down $1.87 during midday trading on Friday, reaching $45.63. The stock had a trading volume of 907,615 shares, compared to its average volume of 496,330. The firm has a market cap of $2.25 billion, a PE ratio of 58.50 and a beta of 0.76. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a 50 day simple moving average of $52.87 and a 200-day simple moving average of $68.10. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76.

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

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Thursday, May 22nd will be paid a dividend of $1.01 per share. The ex-dividend date is Thursday, May 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a yield of 8.85%. Cogent Communications's dividend payout ratio is currently -100.75%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC bought a new position in Cogent Communications during the first quarter worth $36,000. Hillsdale Investment Management Inc. bought a new position in Cogent Communications during the fourth quarter worth $46,000. Itau Unibanco Holding S.A. lifted its stake in shares of Cogent Communications by 58.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after buying an additional 229 shares in the last quarter. Blue Trust Inc. lifted its stake 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 valued at $47,000 after buying an additional 218 shares in the last quarter. Finally, Resources Management Corp CT ADV bought a new position in shares of Cogent Communications in the first quarter valued at $48,000. 92.45% of the stock is owned by 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.