Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath Sells 6,220 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Blake Bath sold 6,220 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the sale, the director now directly owns 10,000 shares in the company, valued at approximately $836,900. The trade was a 38.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cogent Communications Trading Up 2.9 %

Cogent Communications stock traded up $2.39 during midday trading on Thursday, reaching $83.79. The stock had a trading volume of 390,322 shares, compared to its average volume of 438,660. The stock’s 50-day simple moving average is $78.77 and its 200 day simple moving average is $68.49. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76. The stock has a market capitalization of $4.11 billion, a PE ratio of 104.36 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating 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 company had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same period last year, the company posted ($1.13) earnings per share. The firm’s revenue was down 6.6% compared to the same quarter last year. Analysts expect that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.995 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date is Friday, November 22nd. Cogent Communications’s payout ratio is presently 505.13%.

Hedge Funds Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently made changes to their positions in the business. Itau Unibanco Holding S.A. bought a new position in shares of Cogent Communications in the third quarter valued at $30,000. EntryPoint Capital LLC acquired a new stake in Cogent Communications during the 1st quarter valued at $26,000. Blue Trust Inc. grew its holdings in shares of Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after acquiring an additional 272 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Cogent Communications by 72.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after acquiring an additional 226 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in Cogent Communications in the third quarter worth $46,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CCOI shares. TD Cowen upped their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. UBS Group started coverage on shares of Cogent Communications in a report on Thursday, November 14th. They issued a “buy” rating and a $102.00 target price for the company. KeyCorp increased their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. Finally, 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 research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $80.25.

Cogent Communications Company Profile

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.