Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy Sells 1,350 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 1,350 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.58, for a total transaction of $108,783.00. Following the transaction, the director now directly owns 10,318 shares of the company’s stock, valued at $831,424.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Cogent Communications Trading Down 0.5 %

Shares of CCOI stock opened at $78.64 on Thursday. The company has a market capitalization of $3.85 billion, a PE ratio of 100.82 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76. The business’s fifty day moving average is $77.97 and its 200 day moving average is $67.95. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03.

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, beating analysts’ consensus estimates of ($1.34) by $0.01. The firm had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted ($1.13) EPS. On average, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date is Friday, November 22nd. Cogent Communications’s payout ratio is currently 505.13%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&G Plc bought a new stake in Cogent Communications during the first quarter worth about $27,942,000. Capital World Investors boosted its stake in Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in Cogent Communications by 289.6% during the second quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company’s stock valued at $566,000 after acquiring an additional 7,448 shares during the last quarter. Westwood Holdings Group Inc. raised its stake 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 acquiring an additional 105,164 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Cogent Communications by 55.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company’s stock worth $1,467,000 after acquiring an additional 8,223 shares during the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Citigroup raised their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. TD Cowen upped their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Finally, The Goldman Sachs Group raised their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average target price of $77.14.

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.