Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Sells 70,000 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) CEO Dave Schaeffer sold 70,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $47.11, for a total value of $3,297,700.00. Following the completion of the transaction, the chief executive officer now directly owns 3,356,721 shares in the company, valued at $158,135,126.31. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Friday, June 13th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.40, for a total value of $2,607,000.00.
• 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 value 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 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 transaction of $3,822,400.00.
• 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 transaction 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 stock was sold at an average price of $46.27, for a total transaction of $1,156,750.00.

Cogent Communications Stock Performance

CCOI traded down $0.07 during midday trading on Monday, reaching $46.91. The company had a trading volume of 820,305 shares, compared to its average volume of 503,605. The business has a 50-day moving average of $50.58 and a two-hundred day moving average of $65.57. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The company has a market cap of $2.31 billion, a P/E ratio of 60.14 and a beta of 0.72.

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). The company had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company's revenue was down 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.38) earnings per share. As a group, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were given a $1.01 dividend. 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 8.61%. The ex-dividend date of this dividend was Thursday, May 22nd. Cogent Communications's dividend payout ratio is presently -100.75%.

Institutional Trading of Cogent Communications

Hedge funds and other institutional investors have recently modified their holdings of the company. DigitalBridge Group Inc. lifted its stake in shares of Cogent Communications by 246.0% during the 4th quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company's stock valued at $69,973,000 after buying an additional 645,521 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Cogent Communications during the fourth quarter valued at about $39,845,000. EdgePoint Investment Group Inc. lifted its position in shares of Cogent Communications by 30.4% in the first quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company's stock valued at $123,374,000 after acquiring an additional 469,028 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Cogent Communications by 24.1% in the fourth quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company's stock valued at $146,209,000 after acquiring an additional 368,129 shares in the last quarter. Finally, Hood River Capital Management LLC boosted its stake in shares of Cogent Communications by 21.8% in the fourth quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock worth $110,738,000 after acquiring an additional 257,383 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CCOI. Wall Street Zen upgraded Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. The Goldman Sachs Group lowered their target price on 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 cut their price target on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company 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 MarketBeat.com, Cogent Communications presently has a consensus rating of "Hold" and a consensus target price of $75.75.

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.

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