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

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CEO Dave Schaeffer sold 70,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were 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 directly owns 3,356,721 shares of the company’s stock, valued at approximately $158,135,126.31. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 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 shares were 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 value 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 value of $3,582,000.00.
• On Tuesday, May 27th, Dave Schaeffer sold 20,000 shares of Cogent Communications stock. The shares were sold at an average price of $48.67, for a total value 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 value of $1,156,750.00.

Cogent Communications Trading Down 0.1%

NASDAQ:CCOI traded down $0.07 during mid-day trading on Monday, hitting $46.91. 820,305 shares of the stock traded hands, compared to its average volume of 503,605. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm’s 50 day moving average is $50.58 and its two-hundred day moving average is $65.57. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 60.14 and a beta of 0.72.

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 net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. During the same period last year, the company earned ($1.38) EPS. The business’s revenue was down 7.2% compared to the same quarter last year. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were issued a $1.01 dividend. The ex-dividend date was Thursday, May 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.61%. Cogent Communications’s dividend payout ratio is presently -100.75%.

Institutional Investors Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC bought a new position in Cogent Communications in the 1st quarter worth about $36,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Cogent Communications in the fourth quarter valued at approximately $46,000. Itau Unibanco Holding S.A. grew its stake in Cogent Communications by 58.9% in the fourth 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. Resources Management Corp CT ADV bought a new stake in Cogent Communications during the 1st quarter valued at $48,000. Finally, BankPlus Trust Department bought a new stake in shares of Cogent Communications in the fourth quarter valued at about $63,000. Institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

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

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.