Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sells $69,168.96 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Lewis H. Ferguson sold 846 shares of Cogent Communications stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.76, for a total transaction of $69,168.96. Following the transaction, the director now owns 18,354 shares in the company, valued at $1,500,623.04. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI traded up $0.52 during midday trading on Tuesday, hitting $80.60. The stock had a trading volume of 75,057 shares, compared to its average volume of 438,151. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week 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’s 50-day moving average price is $78.38 and its 200-day moving average price is $68.28. The company has a market capitalization of $3.95 billion, a P/E ratio of 103.64 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $258.69 million. During the same quarter in the prior year, the firm posted ($1.13) EPS. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.995 dividend. This is a positive change 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 4.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 505.13%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CCOI. TD Cowen raised their price target 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Citigroup increased their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. raised their price target on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $80.25.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CCOI. Geode Capital Management LLC lifted its position in Cogent Communications by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock valued at $77,021,000 after purchasing an additional 3,093 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in Cogent Communications by 0.3% during the third quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock valued at $117,107,000 after buying an additional 5,307 shares during the last quarter. State Street Corp increased its stake in Cogent Communications by 1.3% during the 3rd quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock valued at $132,921,000 after purchasing an additional 22,738 shares in the last quarter. Parallax Volatility Advisers L.P. raised its position in Cogent Communications by 48.0% in the 3rd quarter. Parallax Volatility Advisers L.P. now owns 11,795 shares of the technology company’s stock worth $895,000 after buying an additional 3,825 shares during the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new position in Cogent Communications in the third quarter worth about $30,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

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.