Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CRO Sells $133,958.40 in Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total value of $133,958.40. Following the transaction, the executive now owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Cogent Communications Stock Up 3.7 %

Shares of Cogent Communications stock opened at $72.28 on Friday. The business’s fifty day moving average price is $67.07 and its two-hundred day moving average price is $64.42. The company has a market capitalization of $3.54 billion, a P/E ratio of 2.86 and a beta of 0.41. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. 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 released its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The firm had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. During the same period in the previous year, the company earned ($0.13) earnings per share. Cogent Communications’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.66 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Thursday, August 22nd will be paid a $0.985 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.94 dividend on an annualized basis and a yield of 5.45%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio (DPR) is currently 15.61%.

Institutional Investors Weigh In On Cogent Communications

Hedge funds have recently made changes to their positions in the company. EdgePoint Investment Group Inc. increased its holdings in shares of Cogent Communications by 46.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock valued at $86,759,000 after purchasing an additional 485,628 shares during the period. Harspring Capital Management LLC boosted its position in Cogent Communications by 6.0% during the second quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after purchasing an additional 66,500 shares during the period. Thrivent Financial for Lutherans raised its holdings in Cogent Communications by 2,739.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after acquiring an additional 998,796 shares during the period. Capital World Investors increased its position in Cogent Communications by 327.7% in the 1st 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. Finally, Hood River Capital Management LLC boosted its holdings in Cogent Communications by 18.9% in the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after purchasing an additional 138,680 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, August 9th. KeyCorp lifted their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Bank of America lowered 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. 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 research report on Monday, August 12th. Finally, TD Cowen increased their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and an average target price of $75.86.

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.