Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Sells $391,584.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $81.58, for a total value of $391,584.00. Following the completion of the transaction, the chief financial officer now directly owns 88,500 shares of the company’s stock, valued at $7,219,830. The trade was a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Cogent Communications Trading Down 3.2 %

Shares of CCOI stock traded down $2.68 during mid-day trading on Tuesday, hitting $80.61. 829,845 shares of the company’s stock were exchanged, compared to its average volume of 439,718. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 104.91 and a beta of 0.39. 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 fifty-two week low of $50.80 and a fifty-two week high of $86.76. The stock has a 50-day simple moving average of $80.54 and a two-hundred day simple moving average of $69.80.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same period last year, the company earned ($1.13) EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. Equities analysts expect that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.995 dividend. This represents a $3.98 dividend on an annualized basis and a yield of 4.94%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 22nd. Cogent Communications’s payout ratio is presently 510.26%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Citigroup lifted their price target on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. UBS Group initiated coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective for the company. TD Cowen upped their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, KeyCorp raised their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $80.25.

Hedge Funds Weigh In On Cogent Communications

Hedge funds have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. acquired a new stake in shares of Cogent Communications during the 3rd quarter worth $30,000. Blue Trust Inc. lifted its stake in shares of Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after purchasing an additional 272 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Cogent Communications by 72.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after purchasing an additional 226 shares during the period. Quest Partners LLC acquired a new stake in Cogent Communications during the 3rd quarter worth approximately $46,000. Finally, GAMMA Investing LLC raised its holdings in Cogent Communications by 207.0% in the third quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock valued at $50,000 after buying an additional 445 shares during the period. Institutional investors and hedge funds 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.