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.
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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