Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy Sells 1,350 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) Director Sheryl Lynn Kennedy sold 1,350 shares of Cogent Communications stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the transaction, the director now owns 10,318 shares in the company, valued at $831,424.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Cogent Communications Price Performance

CCOI traded down $1.41 during midday trading on Tuesday, hitting $79.04. 369,029 shares of the company traded hands, compared to its average volume of 441,236. The business has a 50 day simple moving average of $77.59 and a two-hundred day simple moving average of $67.79. The company has a current ratio of 2.03, a quick ratio of 2.20 and a debt-to-equity ratio of 5.87. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of 103.14 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same quarter in the previous year, the firm earned ($1.13) EPS. The company's revenue was down 6.6% compared to the same quarter last year. On average, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.995 dividend. The ex-dividend date is Friday, November 22nd. This represents a $3.98 annualized dividend and a yield of 5.04%. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. Cogent Communications's dividend payout ratio is presently 510.26%.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Thrivent Financial for Lutherans lifted its stake in Cogent Communications by 2,739.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company's stock valued at $58,430,000 after buying an additional 998,796 shares during the period. EdgePoint Investment Group Inc. lifted its stake in Cogent Communications by 500.1% during the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company's stock worth $68,699,000 after purchasing an additional 876,326 shares during the last quarter. Capital World Investors grew its stake in shares of 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 last quarter. M&G Plc purchased a new stake in Cogent Communications in the 1st quarter worth $27,942,000. Finally, Senator Investment Group LP grew its holdings in Cogent Communications by 83.0% in the first quarter. Senator Investment Group LP now owns 666,768 shares of the technology company's stock worth $43,560,000 after purchasing an additional 302,365 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Bank of America lowered shares of Cogent Communications from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. TD Cowen boosted their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, August 9th. KeyCorp increased their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Tuesday, August 27th. 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, Citigroup lifted their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cogent Communications currently has a consensus rating of "Hold" and an average price target of $77.14.

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.