Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath Sells 6,220 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath sold 6,220 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $83.69, for a total transaction of $520,551.80. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $836,900. This represents a 38.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Cogent Communications Stock Up 2.9 %

Shares of CCOI traded up $2.39 during mid-day trading on Thursday, hitting $83.79. 390,322 shares of the company traded hands, compared to its average volume of 438,660. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market capitalization of $4.11 billion, a PE ratio of 104.36 and a beta of 0.40. The business has a 50 day moving average of $78.77 and a 200 day moving average of $68.49.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. During the same quarter in the prior year, the company earned ($1.13) EPS. Cogent Communications’s quarterly revenue was down 6.6% on a year-over-year basis. Equities research analysts anticipate 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, December 6th. Investors of record on Friday, November 22nd will be issued a $0.995 dividend. This represents a $3.98 annualized dividend and a yield of 4.75%. The ex-dividend date is Friday, November 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio is 505.13%.

Hedge Funds Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Board of Administration of Florida Retirement System grew its stake in shares of Cogent Communications by 55.6% during 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 purchasing an additional 8,223 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Cogent Communications during the 1st quarter worth approximately $494,000. UniSuper Management Pty Ltd acquired a new stake in shares of Cogent Communications during the 1st quarter worth approximately $584,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Cogent Communications by 18.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 45,076 shares of the technology company’s stock valued at $2,946,000 after buying an additional 7,059 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Cogent Communications during the 1st quarter valued at approximately $26,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research note on Friday, October 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. Citigroup raised their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. TD Cowen raised their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $80.25.

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.