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 the firm’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $47.50, for a total value of $95,000.00. Following the transaction, the executive now owns 55,142 shares in the company, valued at approximately $2,619,245. This trade represents a 3.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Cogent Communications Trading Up 0.9%

NASDAQ CCOI opened at $47.84 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. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 61.33 and a beta of 0.72. The business’s fifty day moving average is $51.42 and its 200 day moving average is $66.90.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The company had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.38) earnings per share. As a group, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a yield of 8.44%. Cogent Communications’s payout ratio is presently -100.75%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CCOI shares. The Goldman Sachs Group decreased their price target on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Wall Street Zen upgraded Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Finally, UBS Group decreased their price target on Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average target price of $75.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CCOI. DigitalBridge Group Inc. lifted its holdings in Cogent Communications by 246.0% during the 4th quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company’s stock worth $69,973,000 after buying an additional 645,521 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Cogent Communications in the 4th quarter valued at about $39,845,000. EdgePoint Investment Group Inc. lifted its stake in shares of Cogent Communications by 30.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company’s stock valued at $123,374,000 after purchasing an additional 469,028 shares during the period. Brown Advisory Inc. lifted its stake in shares of Cogent Communications by 24.1% in the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company’s stock valued at $146,209,000 after purchasing an additional 368,129 shares during the period. Finally, Hood River Capital Management LLC lifted its stake in shares of Cogent Communications by 21.8% in the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company’s stock valued at $110,738,000 after purchasing an additional 257,383 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

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.