Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath Sells 6,220 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath sold 6,220 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $836,900. The trade was a 38.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Cogent Communications Trading Up 0.4 %

Shares of CCOI opened at $83.16 on Friday. The stock has a market capitalization of $4.08 billion, a PE ratio of 106.61 and a beta of 0.40. The company’s fifty day moving average is $79.21 and its 200 day moving average is $68.73. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.01. The firm had revenue of $257.20 million for the quarter, compared to analysts’ expectations of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.13) EPS. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.79%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio is presently 505.13%.

Institutional Investors Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently modified their holdings of the business. EntryPoint Capital LLC bought a new position in Cogent Communications in the 1st quarter valued at $26,000. Itau Unibanco Holding S.A. bought a new position in shares of Cogent Communications in the third quarter worth about $30,000. Blue Trust Inc. increased its stake in Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after buying an additional 272 shares during the period. Hexagon Capital Partners LLC grew its stake in Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after acquiring an additional 226 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CCOI has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. KeyCorp increased their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Citigroup boosted their price target on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. JPMorgan Chase & Co. increased their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Finally, TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $80.25.

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.