Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CRO Sells $156,326.40 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CRO James Bubeck sold 1,920 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $81.42, for a total transaction of $156,326.40. Following the completion of the sale, the executive now owns 51,462 shares of the company’s stock, valued at approximately $4,190,036.04. This represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

James Bubeck also recently made the following trade(s):

• On Wednesday, September 4th, James Bubeck sold 1,920 shares of Cogent Communications stock. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40.

Cogent Communications Price Performance

CCOI stock opened at $80.61 on Wednesday. The firm has a 50 day moving average of $80.54 and a 200-day moving average of $69.80. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.76. The firm has a market capitalization of $3.95 billion, a P/E ratio of 103.35 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating 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 business had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. During the same period in the previous year, the business posted ($1.13) earnings per share. Cogent Communications’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.53 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.995 per share. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 4.94%. Cogent Communications’s payout ratio is presently 510.26%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CCOI shares. 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. Royal Bank of Canada restated an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. Citigroup increased their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. UBS Group initiated coverage on shares of Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 target price for the company. Finally, TD Cowen increased their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $80.25.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CCOI. Thrivent Financial for Lutherans raised its stake in shares of Cogent Communications by 2,739.1% during the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after acquiring an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Cogent Communications by 46.2% during the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after acquiring an additional 485,628 shares in the last quarter. Hood River Capital Management LLC raised its stake in shares of Cogent Communications by 18.9% during the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after acquiring an additional 138,680 shares in the last quarter. AYAL Capital Advisors Ltd purchased a new position in shares of Cogent Communications during the second quarter worth approximately $6,372,000. Finally, Verition Fund Management LLC raised its stake in shares of Cogent Communications by 136.5% during the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company’s stock worth $11,025,000 after acquiring an additional 83,816 shares in the last quarter. 92.45% of the stock is owned by hedge funds and other 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.