Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 55,000 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 55,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $48.51, for a total transaction of $2,668,050.00. Following the sale, the chief executive officer now owns 3,536,721 shares in the company, valued at $171,566,335.71. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• 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 shares were sold at an average price of $47.78, for a total value 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 shares were sold at an average price of $46.27, for a total value of $1,156,750.00.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI traded down $1.02 during trading on Friday, reaching $46.98. 889,620 shares of the company traded hands, compared to its average volume of 502,558. The firm has a market capitalization of $2.32 billion, a PE ratio of 60.23 and a beta of 0.72. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The company's 50 day moving average is $50.66 and its two-hundred day moving average is $66.05.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $250.81 million. During the same quarter in the previous year, the company earned ($1.38) earnings per share. The company's quarterly revenue was down 7.2% on a year-over-year basis. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were paid a $1.01 dividend. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 annualized dividend and a yield of 8.60%. Cogent Communications's dividend payout ratio is presently -100.75%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock worth $394,182,000 after acquiring an additional 43,523 shares during the period. EdgePoint Investment Group Inc. lifted its position in shares of Cogent Communications by 30.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company's stock worth $123,374,000 after purchasing an additional 469,028 shares during the period. Brown Advisory Inc. lifted its position in shares of Cogent Communications by 24.1% in the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company's stock worth $146,209,000 after purchasing an additional 368,129 shares during the period. Hood River Capital Management LLC boosted its stake in shares of Cogent Communications by 21.8% in the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock valued at $110,738,000 after purchasing an additional 257,383 shares during the last quarter. Finally, DigitalBridge Group Inc. increased its position in shares of Cogent Communications by 246.0% during the fourth quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company's stock worth $69,973,000 after buying an additional 645,521 shares during the period. Institutional investors and hedge funds own 92.45% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CCOI shares. Wall Street Zen upgraded Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. The Goldman Sachs Group lowered their price target 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. Finally, UBS Group decreased their target price 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 research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications has an average 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.