Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sells 1,425 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 1,425 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the transaction, the director now directly owns 10,147 shares of the company’s stock, valued at $740,325.12. The trade was a 12.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Cogent Communications Trading Down 1.5 %

Shares of NASDAQ CCOI opened at $70.19 on Thursday. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The company has a market cap of $3.44 billion, a PE ratio of 89.99 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. The company has a 50-day moving average of $76.47 and a two-hundred day moving average of $77.09.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. As a group, equities analysts expect 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $1.005 dividend. The ex-dividend date is Thursday, March 13th. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. This represents a $4.02 dividend on an annualized basis and a dividend yield of 5.73%. Cogent Communications’s payout ratio is currently -93.49%.

Hedge Funds Weigh In On Cogent Communications

Institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC grew its position in shares of Cogent Communications by 85.7% during the 3rd quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company’s stock worth $1,284,000 after buying an additional 7,803 shares during the period. Consolidated Planning Corp acquired a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $630,000. PEAK6 Investments LLC acquired a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $1,720,000. Citigroup Inc. grew its position in shares of Cogent Communications by 56.8% during the 3rd quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock worth $4,297,000 after buying an additional 20,510 shares during the period. Finally, Verition Fund Management LLC grew its position in shares of Cogent Communications by 136.5% during the 3rd quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company’s stock worth $11,025,000 after buying an additional 83,816 shares during the period. 92.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CCOI has been the subject of several analyst reports. UBS Group initiated coverage on shares of Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 price target for the company. StockNews.com raised shares of Cogent Communications to a “sell” rating in a report on Monday. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cogent Communications has an average rating of “Hold” and a consensus price target of $80.25.

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.