Insider Selling: Cogent Communications Holdings Inc (CCOI) Director Sells 2,500 Shares of Stock

Cogent Communications Holdings Inc (NASDAQ:CCOI) Director Tim Weingarten sold 2,500 shares of the stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $51.01, for a total value of $127,525.00. Following the completion of the sale, the director now directly owns 21,111 shares of the company’s stock, valued at approximately $1,076,872.11. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Cogent Communications stock traded down $1.04 during mid-day trading on Friday, hitting $50.21. 12,000 shares of the company’s stock traded hands, compared to its average volume of 349,567. Cogent Communications Holdings Inc has a fifty-two week low of $35.75 and a fifty-two week high of $57.65. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 131.18, a P/E/G ratio of 9.69 and a beta of 0.61.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. Cogent Communications had a negative return on equity of 24.22% and a net margin of 2.99%. The business had revenue of $130.00 million during the quarter, compared to the consensus estimate of $132.09 million. During the same quarter last year, the firm posted $0.08 EPS. The company’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, sell-side analysts expect that Cogent Communications Holdings Inc will post 0.66 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be issued a dividend of $0.56 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $2.24 annualized dividend and a yield of 4.46%. Cogent Communications’s dividend payout ratio (DPR) is currently 568.42%.

Several equities research analysts have recently commented on CCOI shares. BidaskClub downgraded Cogent Communications from a “buy” rating to a “hold” rating in a report on Saturday, September 22nd. William Blair reissued an “outperform” rating on shares of Cogent Communications in a report on Monday, October 8th. BTIG Research downgraded Cogent Communications from a “buy” rating to a “neutral” rating in a report on Monday, October 8th. They noted that the move was a valuation call. Zacks Investment Research raised Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price objective for the company in a report on Monday, October 8th. Finally, Guggenheim reissued a “hold” rating and issued a $47.00 price objective on shares of Cogent Communications in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Cogent Communications has a consensus rating of “Hold” and a consensus target price of $51.14.

Institutional investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. acquired a new stake in Cogent Communications during the 3rd quarter valued at $232,000. Captrust Financial Advisors acquired a new stake in Cogent Communications during the 2nd quarter valued at $266,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Cogent Communications during the 2nd quarter valued at $311,000. Parametrica Management Ltd acquired a new stake in Cogent Communications during the 3rd quarter valued at $317,000. Finally, Perigon Wealth Management LLC bought a new position in Cogent Communications during the 2nd quarter worth $332,000. 90.36% of the stock is owned by institutional investors and hedge funds.

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Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.

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