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

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 80,000 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $47.78, for a total transaction of $3,822,400.00. Following the transaction, the chief executive officer now owns 3,701,721 shares of the company's stock, valued at $176,868,229.38. This trade represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, June 4th, Dave Schaeffer sold 75,000 shares of Cogent Communications stock. The stock was 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 transaction of $1,156,750.00.

Cogent Communications Price Performance

Shares of Cogent Communications stock traded up $1.12 during trading on Monday, hitting $48.96. 772,171 shares of the company's stock traded hands, compared to its average volume of 501,939. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76. The company has a market cap of $2.42 billion, a PE ratio of 62.77 and a beta of 0.72. The firm's fifty day moving average price is $51.42 and its 200 day moving average price is $66.78. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

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

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 8.25%. 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 payout ratio is currently -100.75%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CCOI shares. The Goldman Sachs Group reduced their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a 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 lowered their target price on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $75.75.

Hedge Funds Weigh In On Cogent Communications

Several hedge funds have recently added to or reduced their stakes in CCOI. CANADA LIFE ASSURANCE Co raised its stake in shares of Cogent Communications by 0.3% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock valued at $4,055,000 after purchasing an additional 156 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Cogent Communications by 4.3% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company's stock worth $400,000 after buying an additional 212 shares during the period. Blue Trust Inc. grew its holdings in shares of Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after buying an additional 218 shares in the last quarter. Royce & Associates LP raised its position in Cogent Communications by 0.6% in the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock valued at $2,611,000 after buying an additional 218 shares during the last quarter. Finally, Itau Unibanco Holding S.A. raised its position in 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 buying an additional 229 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company's stock.

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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