Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Sells $4,369,200.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Dave Schaeffer also recently made the following trade(s):

• On Friday, June 14th, Dave Schaeffer sold 60,000 shares of Cogent Communications stock. The shares were sold at an average price of $51.78, for a total value of $3,106,800.00.
• On Wednesday, June 12th, Dave Schaeffer sold 60,000 shares of Cogent Communications stock. The stock was sold at an average price of $54.60, for a total value of $3,276,000.00.

Cogent Communications Price Performance

Cogent Communications stock opened at $69.98 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 stock has a market cap of $3.43 billion, a price-to-earnings ratio of 2.77 and a beta of 0.41. The firm has a 50-day moving average of $65.68 and a two-hundred day moving average of $64.58. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.00.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The firm had revenue of $260.40 million during the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. Cogent Communications’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) earnings per share. On average, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.81 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd will be paid a dividend of $0.985 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.94 annualized dividend and a dividend yield of 5.63%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio (DPR) is currently 15.61%.

Wall Street Analyst Weigh In

CCOI has been the subject of a number of analyst reports. Bank of America downgraded Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. raised their target price 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. The Goldman Sachs Group upped their price target on shares of Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, August 9th. KeyCorp raised their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Citigroup upped their target price on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.86.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently made changes to their positions in the company. Taylor Frigon Capital Management LLC increased its position in Cogent Communications by 1.1% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock valued at $1,095,000 after purchasing an additional 202 shares during the period. Truist Financial Corp increased its holdings in Cogent Communications by 5.9% during the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock valued at $321,000 after buying an additional 237 shares during the period. Covestor Ltd increased its holdings in Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after buying an additional 276 shares during the period. Strs Ohio raised its stake in Cogent Communications by 16.7% in the fourth quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock worth $159,000 after buying an additional 300 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Cogent Communications by 2.7% during the second quarter. Arizona State Retirement System now owns 12,354 shares of the technology company’s stock worth $697,000 after buying an additional 327 shares during the period. 92.45% of the stock is currently owned by institutional investors.

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.