Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 80,000 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 80,000 shares of Cogent Communications stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $47.78, for a total value of $3,822,400.00. Following the transaction, the chief executive officer now directly owns 3,701,721 shares in the company, valued at approximately $176,868,229.38. The trade was a 2.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $48.64, for a total transaction of $2,675,200.00.
• 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 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 transaction of $1,156,750.00.

Cogent Communications Trading Down 0.4%

NASDAQ CCOI traded down $0.19 on Thursday, hitting $48.00. 721,554 shares of the stock were exchanged, compared to its average volume of 501,990. 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 firm has a market capitalization of $2.37 billion, a P/E ratio of 61.54 and a beta of 0.72. The stock has a fifty day moving average price of $50.76 and a two-hundred day moving average price of $66.29.

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

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were paid a dividend of $1.01 per share. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.42%. The ex-dividend date of this dividend was Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is currently -100.75%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CCOI. The Goldman Sachs Group decreased 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 report on Friday, May 9th. Wall Street Zen raised Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. 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 issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of "Hold" and an average price target of $75.75.

Hedge Funds Weigh In On Cogent Communications

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Cogent Communications by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock worth $394,182,000 after purchasing an additional 43,523 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Cogent Communications by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company's stock valued at $39,255,000 after buying an additional 11,858 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Cogent Communications by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company's stock valued at $4,067,000 after buying an additional 327 shares in the last quarter. Norges Bank purchased a new stake in Cogent Communications in the 4th quarter valued at about $4,994,000. Finally, Principal Financial Group Inc. grew its stake in Cogent Communications by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company's stock worth $15,892,000 after acquiring an additional 6,235 shares in the last quarter. 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.