Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Raymond B. Kummer Sells 3,000 Shares

Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Raymond B. Kummer sold 3,000 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $52.30, for a total transaction of $156,900.00. Following the completion of the sale, the vice president now owns 46,440 shares of the company’s stock, valued at approximately $2,428,812. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of NASDAQ CCOI traded down $0.57 during mid-day trading on Monday, hitting $56.87. 124,300 shares of the stock were exchanged, compared to its average volume of 262,572. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 90.27, a PEG ratio of 7.97 and a beta of 0.71. Cogent Communications Holdings Inc has a twelve month low of $42.40 and a twelve month high of $57.92.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 21st. The technology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $132.05 million during the quarter, compared to analyst estimates of $132.63 million. Cogent Communications had a net margin of 5.51% and a negative return on equity of 23.57%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.14) EPS. Research analysts expect that Cogent Communications Holdings Inc will post 0.88 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $0.58 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 4.08%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.56. Cogent Communications’s dividend payout ratio (DPR) is currently 368.25%.

CCOI has been the subject of several research reports. Deutsche Bank upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Monday, December 17th. Zacks Investment Research upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Monday, January 7th. ValuEngine cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, January 30th. BidaskClub cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Royal Bank of Canada raised their price objective on shares of Cogent Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a report on Monday, February 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Cogent Communications has an average rating of “Hold” and an average price target of $50.14.

Several institutional investors have recently modified their holdings of CCOI. Norges Bank acquired a new stake in shares of Cogent Communications in the fourth quarter valued at approximately $21,046,000. Morgan Stanley lifted its position in Cogent Communications by 353.3% in the 3rd quarter. Morgan Stanley now owns 551,606 shares of the technology company’s stock valued at $30,780,000 after acquiring an additional 429,912 shares in the last quarter. WINTON GROUP Ltd increased its stake in Cogent Communications by 1,855.1% in the 4th quarter. WINTON GROUP Ltd now owns 440,481 shares of the technology company’s stock valued at $19,914,000 after buying an additional 417,951 shares during the last quarter. BlackRock Inc. increased its stake in Cogent Communications by 3.6% in the 3rd quarter. BlackRock Inc. now owns 6,654,760 shares of the technology company’s stock valued at $371,336,000 after buying an additional 232,879 shares during the last quarter. Finally, Federated Investors Inc. PA increased its stake in Cogent Communications by 53,122.3% in the 3rd quarter. Federated Investors Inc. PA now owns 162,328 shares of the technology company’s stock valued at $9,058,000 after buying an additional 162,023 shares during the last quarter. 90.35% of the stock is owned by institutional investors and hedge funds.

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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.

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