Cogent Communications Holdings, Inc. (NASDAQ:CCOI) CFO Thaddeus Gerard Weed Sells 4,850 Shares

Posted by Defense World Staff on Mar 7th, 2023

Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $64.30, for a total value of $311,855.00. Following the completion of the sale, the chief financial officer now directly owns 73,250 shares of the company’s stock, valued at approximately $4,709,975. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Cogent Communications Trading Down 0.2 %

NASDAQ CCOI opened at $63.96 on Tuesday. The company has a market capitalization of $3.09 billion, a PE ratio of 581.45, a price-to-earnings-growth ratio of 1.97 and a beta of 0.44. The business’s 50-day moving average price is $64.64 and its 200 day moving average price is $58.03. Cogent Communications Holdings, Inc. has a twelve month low of $46.75 and a twelve month high of $72.21.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be issued a $0.925 dividend. This represents a $3.70 dividend on an annualized basis and a yield of 5.78%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Thursday, March 9th. Cogent Communications’s payout ratio is presently 3,363.64%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CCOI. Royal Bank of Canada cut their price target on Cogent Communications from $64.00 to $61.00 and set an “outperform” rating for the company in a research note on Tuesday, November 15th. KeyCorp increased their price target on shares of Cogent Communications from $64.00 to $71.00 in a research report on Tuesday, January 17th. William Blair reaffirmed an “outperform” rating on shares of Cogent Communications in a research note on Thursday, February 23rd. Credit Suisse Group raised their price target on Cogent Communications from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, February 24th. Finally, The Goldman Sachs Group decreased their price objective on Cogent Communications from $49.00 to $43.00 and set a “sell” rating on the stock in a research note on Monday, November 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $64.13.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently bought and sold shares of the stock. Fortis Capital Advisors LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth $28,000. CWM LLC increased its stake in Cogent Communications by 862.5% during the third quarter. CWM LLC now owns 616 shares of the technology company’s stock worth $32,000 after acquiring an additional 552 shares during the last quarter. Byrne Asset Management LLC purchased a new position in shares of Cogent Communications in the 3rd quarter worth about $35,000. Quadrant Capital Group LLC lifted its stake in shares of Cogent Communications by 123.3% in the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the technology company’s stock valued at $39,000 after purchasing an additional 381 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Cogent Communications by 50.8% during the 3rd quarter. Signaturefd LLC now owns 742 shares of the technology company’s stock worth $39,000 after purchasing an additional 250 shares during the period. Hedge funds and other institutional investors own 85.15% of the company’s stock.

About Cogent Communications

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.