Dave Schaeffer Sells 55,000 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 55,000 shares of the company’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $47.40, for a total transaction of $2,607,000.00. Following the sale, the chief executive officer now owns 3,426,721 shares of the company’s stock, valued at $162,426,575.40. This represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, June 16th, Dave Schaeffer sold 70,000 shares of Cogent Communications stock. The shares were sold at an average price of $47.11, for a total transaction of $3,297,700.00.
• On Wednesday, June 11th, Dave Schaeffer sold 55,000 shares of Cogent Communications stock. The shares were 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 Stock Up 0.5%

NASDAQ:CCOI opened at $47.15 on Wednesday. The firm’s 50-day moving average price is $50.37 and its 200-day moving average price is $65.20. The company has a market capitalization of $2.33 billion, a PE ratio of -11.76 and a beta of 0.72. The company has a debt-to-equity ratio of 13.89, a current ratio of 1.49 and a quick ratio of 1.49. Cogent Communications Holdings, Inc. has a 1-year low of $43.65 and a 1-year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.04). Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The firm had revenue of $247.05 million for the quarter, compared to analysts’ expectations of $250.81 million. During the same period last year, the company posted ($1.38) earnings per share. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed 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 annualized dividend and a yield of 8.57%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date was Thursday, May 22nd. Cogent Communications’s dividend payout ratio is -100.75%.

Institutional Trading of Cogent Communications

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Cogent Communications by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock valued at $394,182,000 after purchasing an additional 43,523 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Cogent Communications by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock valued at $39,255,000 after purchasing an additional 11,858 shares during the last quarter. Alliancebernstein L.P. grew its position in Cogent Communications by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company’s stock valued at $4,067,000 after purchasing an additional 327 shares during the last quarter. Norges Bank purchased a new stake in Cogent Communications during the 4th quarter valued at about $4,994,000. Finally, Principal Financial Group Inc. grew its position in Cogent Communications by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company’s stock valued at $15,892,000 after purchasing an additional 6,235 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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