Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer Sells 70,000 Shares of Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 70,000 shares of the business’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $47.11, for a total transaction of $3,297,700.00. Following the sale, the chief executive officer now owns 3,356,721 shares in the company, valued at $158,135,126.31. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, June 13th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The stock was sold at an average price of $47.40, for a total transaction of $2,607,000.00.
• 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $1,156,750.00.

Cogent Communications Trading Down 0.1%

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

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The company had revenue of $247.05 million for the quarter, compared to analysts’ expectations of $250.81 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company’s revenue was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.38) earnings per share. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 8.61%. The ex-dividend date of this dividend was Thursday, May 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is -100.75%.

Institutional Trading of Cogent Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co increased its position in Cogent Communications by 0.3% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company’s stock worth $4,055,000 after purchasing an additional 156 shares in the last quarter. Royce & Associates LP increased its position in Cogent Communications by 0.6% during the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company’s stock worth $2,611,000 after purchasing an additional 218 shares in the last quarter. Itau Unibanco Holding S.A. increased its position in Cogent Communications by 58.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after purchasing an additional 229 shares in the last quarter. Ipswich Investment Management Co. Inc. grew its position in Cogent Communications by 0.6% in the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company’s stock valued at $2,620,000 after acquiring an additional 260 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Cogent Communications by 5.8% in the fourth quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company’s stock valued at $373,000 after acquiring an additional 263 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CCOI. UBS Group decreased their price objective on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group reduced their target price on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and an average target price of $75.75.

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.