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 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 approximately $158,135,126.31. This trade represents a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction 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 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 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 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 stock was sold at an average price of $46.27, for a total transaction of $1,156,750.00.

Cogent Communications Stock Down 0.9%

NASDAQ CCOI traded down $0.42 during trading on Thursday, reaching $46.73. 1,035,724 shares of the company's stock were exchanged, compared to its average volume of 505,416. The company has a 50 day moving average price of $50.23 and a two-hundred day moving average price of $65.07. The stock has a market cap of $2.31 billion, a P/E ratio of -11.65 and a beta of 0.72. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its earnings results 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 business had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. Cogent Communications's revenue was down 7.2% on a year-over-year basis. During the same period last year, the business posted ($1.38) EPS. On average, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were given a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 8.65%. The ex-dividend date was Thursday, May 22nd. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's payout ratio is currently -100.75%.

Analyst Upgrades and Downgrades

CCOI has been the subject of a number of research reports. Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a report on Monday, March 3rd. UBS Group reduced 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. Finally, The Goldman Sachs Group lowered their target price on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $75.75.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co grew its holdings in shares of Cogent Communications by 0.3% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock worth $4,055,000 after purchasing an additional 156 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of 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 purchasing an additional 218 shares during the last quarter. Itau Unibanco Holding S.A. boosted its position 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 during the period. Ipswich Investment Management Co. Inc. grew its stake in Cogent Communications by 0.6% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company's stock worth $2,620,000 after buying an additional 260 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in Cogent Communications by 5.8% during the 4th quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company's stock worth $373,000 after buying an additional 263 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

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.