Insider Selling: Cogent Communications Holdings Inc (NASDAQ:CCOI) CFO Sells 5,000 Shares of Stock

Cogent Communications Holdings Inc (NASDAQ:CCOI) CFO Thaddeus Gerard Weed sold 5,000 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $58.50, for a total transaction of $292,500.00. Following the transaction, the chief financial officer now owns 73,950 shares in the company, valued at approximately $4,326,075. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Thaddeus Gerard Weed also recently made the following trade(s):

  • On Thursday, June 13th, Thaddeus Gerard Weed sold 1,400 shares of Cogent Communications stock. The stock was sold at an average price of $60.84, for a total transaction of $85,176.00.
  • On Monday, May 6th, Thaddeus Gerard Weed sold 1,500 shares of Cogent Communications stock. The shares were sold at an average price of $57.11, for a total transaction of $85,665.00.
  • On Tuesday, March 12th, Thaddeus Gerard Weed sold 5,000 shares of Cogent Communications stock. The shares were sold at an average price of $50.00, for a total transaction of $250,000.00.

Shares of NASDAQ CCOI opened at $59.36 on Friday. The firm has a 50 day simple moving average of $58.53. Cogent Communications Holdings Inc has a fifty-two week low of $42.40 and a fifty-two week high of $61.43. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 94.22, a P/E/G ratio of 8.31 and a beta of 0.57.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Cogent Communications had a net margin of 5.92% and a negative return on equity of 22.47%. The business had revenue of $134.20 million for the quarter, compared to analyst estimates of $135.21 million. During the same period in the prior year, the business posted $0.15 earnings per share. Cogent Communications’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts expect that Cogent Communications Holdings Inc will post 0.89 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.58. Cogent Communications’s dividend payout ratio is presently 380.95%.

A number of large investors have recently modified their holdings of the business. FMR LLC increased its stake in Cogent Communications by 33.2% in the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock valued at $80,764,000 after purchasing an additional 370,945 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Cogent Communications by 8.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 210,268 shares of the technology company’s stock valued at $11,407,000 after purchasing an additional 16,232 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in Cogent Communications in the first quarter valued at approximately $91,000. Hancock Whitney Corp increased its stake in Cogent Communications by 2.2% in the first quarter. Hancock Whitney Corp now owns 31,258 shares of the technology company’s stock valued at $1,696,000 after purchasing an additional 658 shares in the last quarter. Finally, Citigroup Inc. increased its stake in Cogent Communications by 281.1% in the first quarter. Citigroup Inc. now owns 35,994 shares of the technology company’s stock valued at $1,952,000 after purchasing an additional 26,550 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

CCOI has been the topic of a number of recent analyst reports. BidaskClub lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Saturday, June 22nd. Zacks Investment Research upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. CIBC restated a “market perform” rating on shares of Cogent Communications in a research report on Friday, May 10th. Deutsche Bank lowered shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, ValuEngine upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a research report on Thursday, March 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $51.71.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

Further Reading: Buy Rating

Insider Buying and Selling by Quarter for Cogent Communications (NASDAQ:CCOI)

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