John B. Chang Sells 2,280 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP John B. Chang sold 2,280 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $80.41, for a total transaction of $183,334.80. Following the completion of the transaction, the vice president now owns 69,300 shares in the company, valued at $5,572,413. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $78.64 on Thursday. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76. The business has a 50 day moving average price of $77.97 and a 200 day moving average price of $67.95. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 100.82 and a beta of 0.40. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI) last announced 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 negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 million. During the same period in the previous year, the business posted ($1.13) EPS. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. Research analysts predict that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $3.98 annualized dividend and a dividend yield of 5.06%. Cogent Communications’s payout ratio is presently 505.13%.

Analysts Set New Price Targets

Several brokerages have issued reports on CCOI. TD Cowen raised their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. The Goldman Sachs Group increased their price objective on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. Citigroup increased their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. KeyCorp raised their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upped their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. Two 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 stock. According to data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average target price of $77.14.

Hedge Funds Weigh In On Cogent Communications

Several institutional investors and hedge funds have recently modified their holdings of CCOI. Beaconlight Capital LLC lifted its stake in shares of Cogent Communications by 8.6% in the third quarter. Beaconlight Capital LLC now owns 288,224 shares of the technology company’s stock worth $21,882,000 after acquiring an additional 22,777 shares during the period. FMR LLC boosted its holdings in Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock worth $60,793,000 after purchasing an additional 79,474 shares during the last quarter. Citigroup Inc. increased its position in shares of Cogent Communications by 56.8% during the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock valued at $4,297,000 after acquiring an additional 20,510 shares during the last quarter. Raymond James Trust N.A. grew its position in Cogent Communications by 4.8% during the third quarter. Raymond James Trust N.A. now owns 9,171 shares of the technology company’s stock valued at $696,000 after buying an additional 418 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cogent Communications by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 497,486 shares of the technology company’s stock worth $37,769,000 after purchasing an additional 21,429 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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.