Dave Schaeffer Sells 55,000 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 55,000 shares of the company’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $47.40, for a total value of $2,607,000.00. Following the completion of the sale, the chief executive officer now owns 3,426,721 shares of the company’s stock, valued at $162,426,575.40. This represents a 1.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Dave Schaeffer also recently made the following trade(s):

• On Monday, June 16th, Dave Schaeffer sold 70,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.11, for a total value of $3,297,700.00.
• On Wednesday, June 11th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The stock was sold at an average price of $48.51, for a total value of $2,668,050.00.
• On Monday, June 9th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The stock was sold at an average price of $48.64, for a total value of $2,675,200.00.
• On Friday, June 6th, Dave Schaeffer sold 80,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.78, for a total value of $3,822,400.00.
• On Wednesday, June 4th, Dave Schaeffer sold 75,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.76, for a total value of $3,582,000.00.
• On Tuesday, May 27th, Dave Schaeffer sold 20,000 shares of Cogent Communications stock. The stock was sold at an average price of $48.67, for a total value of $973,400.00.
• On Thursday, May 22nd, Dave Schaeffer sold 25,000 shares of Cogent Communications stock. The stock was sold at an average price of $46.27, for a total value of $1,156,750.00.

Cogent Communications Trading Down 0.1%

Shares of NASDAQ:CCOI opened at $46.91 on Tuesday. The business’s 50-day moving average is $50.51 and its 200 day moving average is $65.33. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The firm has a market capitalization of $2.31 billion, a P/E ratio of 60.14 and a beta of 0.72. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The business had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period in the prior year, the company earned ($1.38) earnings per share. On average, 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 company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were issued a $1.01 dividend. The ex-dividend date was Thursday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.61%. Cogent Communications’s dividend payout ratio is currently -100.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. UBS Group decreased their price objective on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company 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, The Goldman Sachs Group decreased their price objective on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $75.75.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CCOI. Empowered Funds LLC acquired a new position in shares of Cogent Communications in the fourth quarter valued at about $382,000. Allspring Global Investments Holdings LLC grew its holdings in Cogent Communications by 543.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 21,040 shares of the technology company’s stock worth $1,622,000 after acquiring an additional 17,772 shares during the period. Van ECK Associates Corp grew its holdings in Cogent Communications by 12.0% during the fourth quarter. Van ECK Associates Corp now owns 11,696 shares of the technology company’s stock worth $902,000 after acquiring an additional 1,251 shares during the period. Principal Financial Group Inc. grew its holdings in Cogent Communications by 3.1% during the fourth quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company’s stock worth $15,892,000 after acquiring an additional 6,235 shares during the period. Finally, Bryn Mawr Capital Management LLC grew its holdings in Cogent Communications by 8,542.8% during the fourth quarter. Bryn Mawr Capital Management LLC now owns 237,678 shares of the technology company’s stock worth $18,318,000 after acquiring an additional 234,928 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

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.