Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sells $94,775.60 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 1,640 shares of the business’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 transaction, the director now directly owns 10,091 shares in the company, valued at approximately $583,158.89. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Cogent Communications Stock Up 1.1 %

Shares of NASDAQ:CCOI opened at $59.14 on Friday. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $2.90 billion, a PE ratio of 2.34 and a beta of 0.39. The firm’s 50-day moving average is $62.72 and its two-hundred day moving average is $69.00. Cogent Communications Holdings, Inc. has a 1 year low of $57.11 and a 1 year high of $86.00.

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

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd will be paid a dividend of $0.975 per share. The ex-dividend date is Wednesday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 dividend on an annualized basis and a yield of 6.59%. Cogent Communications’s dividend payout ratio is 15.45%.

Institutional Trading of Cogent Communications

Large investors have recently made changes to their positions in the company. FMR LLC increased its stake in shares of Cogent Communications by 58.9% during the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after buying an additional 263,313 shares during the period. Jennison Associates LLC increased its stake in shares of Cogent Communications by 46.6% during the fourth quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after buying an additional 263,276 shares during the period. Reaves W H & Co. Inc. increased its stake in shares of Cogent Communications by 16.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 482,532 shares of the technology company’s stock worth $36,701,000 after buying an additional 67,201 shares during the period. Alps Advisors Inc. increased its stake in shares of Cogent Communications by 107.2% during the third quarter. Alps Advisors Inc. now owns 46,822 shares of the technology company’s stock worth $2,898,000 after buying an additional 24,226 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Cogent Communications by 7.0% during the fourth quarter. Raymond James & Associates now owns 630,300 shares of the technology company’s stock worth $47,941,000 after buying an additional 41,104 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CCOI. JPMorgan Chase & Co. lowered their price target on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, May 13th. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. KeyCorp reduced their price objective on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. StockNews.com lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Finally, Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $75.00 in a report on Thursday, March 7th. One investment 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 data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $75.14.

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.