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

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

Cogent Communications Stock Performance

Shares of CCOI stock opened at $83.16 on Friday. 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 50 day moving average price of $79.21 and a 200-day moving average price of $68.73. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The firm has a market capitalization of $4.08 billion, a PE ratio of 106.61 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.13) EPS. As a group, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.995 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a yield of 4.79%. Cogent Communications’s dividend payout ratio is currently 505.13%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. KeyCorp raised their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. UBS Group began coverage on Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 price target for the company. The Goldman Sachs Group upped 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. JPMorgan Chase & Co. raised their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Finally, TD Cowen upped their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $80.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. EntryPoint Capital LLC bought a new position in shares of Cogent Communications in the 1st quarter worth approximately $26,000. Itau Unibanco Holding S.A. bought a new position in Cogent Communications in the third quarter worth approximately $30,000. Blue Trust Inc. grew its position in shares of Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after acquiring an additional 272 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after purchasing an additional 226 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after purchasing an additional 441 shares during the period. 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.