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 company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $48.51, for a total value 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. The trade was a 1.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Monday, June 9th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The stock was 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 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 value of $3,582,000.00.
• 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 value 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 Stock Performance

Shares of NASDAQ CCOI traded down $1.02 during trading hours on Friday, reaching $46.98. 889,620 shares of the stock were exchanged, compared to its average volume of 502,334. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 60.23 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. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The stock's fifty day simple moving average is $50.58 and its 200 day simple moving average is $65.57.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) 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 company had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. During the same quarter last year, the business earned ($1.38) EPS. Cogent Communications's revenue was down 7.2% on a year-over-year basis. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were paid a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 8.60%. The ex-dividend date was Thursday, May 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's dividend payout ratio (DPR) is -100.75%.

Analyst Ratings Changes

Several research firms have issued reports on CCOI. UBS Group dropped their price objective 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. Wall Street Zen upgraded Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group dropped their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Two investment 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's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $75.75.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently added to or reduced their stakes in CCOI. AlphaQuest LLC bought a new position in Cogent Communications during the 1st quarter worth $36,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Cogent Communications in the 4th quarter valued at $46,000. Itau Unibanco Holding S.A. boosted its holdings in shares of Cogent Communications by 58.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after purchasing an additional 229 shares in the last quarter. Resources Management Corp CT ADV acquired a new stake in shares of Cogent Communications in the 1st quarter valued at $48,000. Finally, SVB Wealth LLC acquired a new stake in shares of Cogent Communications in the 1st quarter valued at $58,000. Institutional investors own 92.45% of the company's stock.

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.