Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CRO Sells 2,000 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CRO James Bubeck sold 2,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $71.67, for a total value of $143,340.00. Following the completion of the sale, the executive now directly owns 57,142 shares in the company, valued at approximately $4,095,367.14. This represents a 3.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Monday, December 9th, James Bubeck sold 1,920 shares of Cogent Communications stock. The stock was sold at an average price of $76.60, for a total value of $147,072.00.

Cogent Communications Stock Performance

Shares of CCOI stock traded up $0.14 during trading hours on Wednesday, hitting $71.40. 110,294 shares of the company were exchanged, compared to its average volume of 358,425. The firm has a fifty day simple moving average of $76.47 and a 200 day simple moving average of $77.09. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 91.72 and a beta of 0.40. 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 (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $0.31. The company had revenue of $252.29 million during the quarter, compared to analyst estimates of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $1.005 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date is Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a dividend yield of 5.63%. Cogent Communications’s dividend payout ratio is presently -93.49%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CCOI. UBS Group started coverage on Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 price target on the stock. StockNews.com upgraded Cogent Communications to a “sell” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $80.25.

Hedge Funds Weigh In On Cogent Communications

A number of large investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC boosted its stake in shares of Cogent Communications by 85.7% during the third quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company’s stock valued at $1,284,000 after purchasing an additional 7,803 shares during the period. Consolidated Planning Corp bought a new stake in Cogent Communications during the 3rd quarter valued at $630,000. PEAK6 Investments LLC bought a new stake in Cogent Communications in the 3rd quarter worth $1,720,000. Citigroup Inc. increased its position in shares of Cogent Communications by 56.8% in the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock valued at $4,297,000 after acquiring an additional 20,510 shares during the period. 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 valued at $11,025,000 after acquiring an additional 83,816 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

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.