Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sells 1,640 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Free Report) Director Sheryl Lynn Kennedy sold 1,640 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $57.79, for a total transaction of $94,775.60. Following the completion of the sale, the director now owns 10,091 shares in the company, valued at approximately $583,158.89. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Cogent Communications Trading Down 0.6 %

Shares of NASDAQ:CCOI traded down $0.36 during mid-day trading on Thursday, hitting $58.49. The stock had a trading volume of 408,952 shares, compared to its average volume of 423,994. Cogent Communications Holdings, Inc. has a 12-month low of $57.11 and a 12-month high of $86.00. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $2.87 billion, a PE ratio of 2.31 and a beta of 0.39. The company’s 50 day moving average is $62.95 and its 200-day moving average is $69.10.

Cogent Communications (NASDAQ:CCOIGet Free Report) last released its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The business had revenue of $272.10 million for the quarter, compared to the consensus estimate of $275.82 million. On average, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Thursday, May 23rd will be paid a dividend of $0.975 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date is Wednesday, May 22nd. This represents a $3.90 annualized dividend and a yield of 6.67%. Cogent Communications’s dividend payout ratio is presently 15.29%.

Hedge Funds Weigh In On Cogent Communications

Several large investors have recently bought and sold shares of the stock. EdgePoint Investment Group Inc. raised its stake in shares of Cogent Communications by 500.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after buying an additional 876,326 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Cogent Communications during the 1st quarter worth about $381,000. Hood River Capital Management LLC lifted its holdings in Cogent Communications by 19.2% during the 1st quarter. Hood River Capital Management LLC now owns 735,494 shares of the technology company’s stock valued at $48,050,000 after purchasing an additional 118,588 shares during the last quarter. Senator Investment Group LP boosted its position in Cogent Communications by 83.0% in the first quarter. Senator Investment Group LP now owns 666,768 shares of the technology company’s stock valued at $43,560,000 after buying an additional 302,365 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Cogent Communications by 16.6% during the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after buying an additional 105,164 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CCOI. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. KeyCorp lowered their target price on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. Finally, TD Cowen dropped their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $75.14.

View Our Latest Stock Analysis on CCOI

About Cogent Communications

(Get Free Report)

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.

See Also

Insider Buying and Selling by Quarter for Cogent Communications (NASDAQ:CCOI)

Receive News & Ratings for Cogent Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications and related companies with MarketBeat.com's FREE daily email newsletter.