Insider Selling: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Sells $100,338.00 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP John B. Chang sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cogent Communications Stock Up 1.3 %

CCOI stock opened at $72.90 on Monday. The company’s 50 day moving average is $69.03 and its 200 day moving average is $63.95. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 2.89 and a beta of 0.40. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. During the same quarter last year, the company posted ($0.13) EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were issued a $0.985 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s dividend payout ratio is presently 15.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price objective on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. TD Cowen lifted their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Citigroup increased their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Finally, Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $75.86.

Hedge Funds Weigh In On Cogent Communications

Institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC purchased a new stake in Cogent Communications in the first quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after purchasing an additional 441 shares in the last quarter. Covestor Ltd grew its holdings in shares of Cogent Communications by 17.2% during the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after purchasing an additional 276 shares during the last quarter. Headlands Technologies LLC purchased a new position in Cogent Communications in the 1st quarter worth $136,000. Finally, Syon Capital LLC purchased a new position in Cogent Communications in the 4th quarter worth $211,000. 92.45% of the stock is currently owned by institutional investors.

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.