Steven D. Brooks Sells 3,798 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) Director Steven D. Brooks sold 3,798 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $65.00, for a total value of $246,870.00. Following the completion of the sale, the director now directly owns 37,479 shares in the company, valued at approximately $2,436,135. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Cogent Communications Stock Up 0.1 %

Shares of Cogent Communications stock opened at $64.07 on Friday. Cogent Communications Holdings, Inc. has a 12 month low of $46.75 and a 12 month high of $75.00. The stock has a market cap of $3.10 billion, a PE ratio of 291.23 and a beta of 0.44. The business has a fifty day simple moving average of $64.99 and a 200 day simple moving average of $62.13.

Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $116.10 million for the quarter, compared to analyst estimates of $153.79 million. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.02 earnings per share. Analysts expect that Cogent Communications Holdings, Inc. will post 0.5 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th will be paid a $0.935 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend is Wednesday, May 17th. This represents a $3.74 annualized dividend and a yield of 5.84%. Cogent Communications’s dividend payout ratio is currently 1,700.00%.

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of recent research reports. Royal Bank of Canada lifted their target price on Cogent Communications from $61.00 to $69.00 and gave the stock an “outperform” rating in a report on Tuesday, March 7th. JPMorgan Chase & Co. downgraded Cogent Communications from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $72.00 to $70.00 in a research note on Monday, May 8th. Credit Suisse Group upped their target price on Cogent Communications from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, February 24th. StockNews.com assumed coverage on Cogent Communications in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Bank of America raised Cogent Communications from an “underperform” rating to a “buy” rating and increased their price objective for the company from $45.00 to $85.00 in a report on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.33.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently bought and sold shares of the business. Spire Wealth Management grew its position in shares of Cogent Communications by 155.8% in the first quarter. Spire Wealth Management now owns 399 shares of the technology company’s stock valued at $25,000 after purchasing an additional 243 shares during the last quarter. Fortis Capital Advisors LLC bought a new position in shares of Cogent Communications in the 4th quarter valued at $28,000. CWM LLC lifted its stake in shares of Cogent Communications by 862.5% in the 3rd quarter. CWM LLC now owns 616 shares of the technology company’s stock valued at $32,000 after acquiring an additional 552 shares during the last quarter. 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 acquiring an additional 381 shares during the last quarter. Finally, Signaturefd LLC raised its position in 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 last quarter. Institutional investors own 85.15% of the company’s stock.

Cogent Communications Company Profile

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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.