Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 60,000 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $51.78, for a total value of $3,106,800.00. Following the completion of the transaction, the chief executive officer now directly owns 4,433,038 shares of the company’s stock, valued at $229,542,707.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Wednesday, June 12th, Dave Schaeffer sold 60,000 shares of Cogent Communications stock. The stock was sold at an average price of $54.60, for a total value of $3,276,000.00.
• On Monday, May 13th, Dave Schaeffer sold 50,000 shares of Cogent Communications stock. The stock was sold at an average price of $59.44, for a total value of $2,972,000.00.

Cogent Communications Price Performance

Cogent Communications stock opened at $52.46 on Tuesday. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.00. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. The business has a 50 day simple moving average of $60.48 and a 200-day simple moving average of $67.98. The stock has a market capitalization of $2.57 billion, a PE ratio of 2.08 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The company had revenue of $266.17 million for the quarter, compared to analysts’ expectations of $274.13 million. Equities analysts predict that Cogent Communications Holdings, Inc. will post -4.63 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were issued a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a yield of 7.43%. The ex-dividend date of this dividend was Wednesday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s dividend payout ratio is currently 15.45%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. EdgePoint Investment Group Inc. grew its holdings in Cogent Communications by 500.1% during the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after acquiring an additional 876,326 shares during the period. Harspring Capital Management LLC lifted its position in shares of Cogent Communications by 3.6% in the fourth quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock valued at $77,543,000 after acquiring an additional 35,500 shares in the last quarter. Capital World Investors lifted its position in Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares during the period. Jennison Associates LLC lifted its position in Cogent Communications by 46.6% during the fourth quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after buying an additional 263,276 shares during the period. Finally, Westwood Holdings Group Inc. lifted its position in Cogent Communications by 16.6% during the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after buying an additional 105,164 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Ratings Changes

CCOI has been the subject of a number of analyst reports. Bank of America downgraded Cogent Communications from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. TD Cowen reduced their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, May 10th. JPMorgan Chase & Co. reduced their price objective on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. KeyCorp reduced their price objective on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Finally, StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.14.

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.