Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) insider John B. Chang sold 1,500 shares of the stock in a transaction that occurred on Thursday, January 12th. The stock was sold at an average price of $64.00, for a total value of $96,000.00. Following the transaction, the insider now owns 51,360 shares in the company, valued at approximately $3,287,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Cogent Communications Price Performance
Shares of Cogent Communications stock opened at $65.19 on Monday. Cogent Communications Holdings, Inc. has a 12 month low of $46.75 and a 12 month high of $72.21. The stock has a market capitalization of $3.13 billion, a P/E ratio of 135.82, a PEG ratio of 1.21 and a beta of 0.38. The business has a 50 day simple moving average of $57.57 and a two-hundred day simple moving average of $56.69.
Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings results on Thursday, November 3rd. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.36). Cogent Communications had a net margin of 3.83% and a negative return on equity of 4.17%. The company had revenue of $150.00 million during the quarter, compared to analyst estimates of $149.71 million. As a group, research analysts anticipate that Cogent Communications Holdings, Inc. will post 0.27 EPS for the current fiscal year.
Cogent Communications Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were issued a $0.915 dividend. This represents a $3.66 annualized dividend and a dividend yield of 5.61%. The ex-dividend date of this dividend was Thursday, November 17th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.91. Cogent Communications’s dividend payout ratio (DPR) is currently 762.52%.
Institutional Investors Weigh In On Cogent Communications
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Cogent Communications by 2.1% during the third quarter. BlackRock Inc. now owns 7,390,862 shares of the technology company’s stock worth $385,506,000 after acquiring an additional 149,238 shares during the last quarter. Vanguard Group Inc. increased its stake in Cogent Communications by 1.8% during the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company’s stock worth $269,811,000 after acquiring an additional 90,137 shares during the last quarter. Renaissance Technologies LLC increased its stake in Cogent Communications by 6.8% during the second quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the technology company’s stock worth $140,481,000 after acquiring an additional 147,700 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Cogent Communications by 10.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,966,077 shares of the technology company’s stock worth $119,459,000 after acquiring an additional 179,771 shares during the last quarter. Finally, State Street Corp increased its stake in Cogent Communications by 2.8% during the second quarter. State Street Corp now owns 1,754,375 shares of the technology company’s stock worth $106,596,000 after acquiring an additional 48,110 shares during the last quarter. Institutional investors and hedge funds own 85.15% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on CCOI. KeyCorp upgraded Cogent Communications from a “sector weight” rating to an “overweight” rating and set a $64.00 price target on the stock in a research report on Tuesday, September 27th. StockNews.com began coverage on Cogent Communications in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Wells Fargo & Company lowered their price target on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating on the stock in a research report on Friday, November 4th. Credit Suisse Group increased their price target on Cogent Communications from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 8th. Finally, The Goldman Sachs Group lowered their price target on Cogent Communications from $49.00 to $43.00 and set a “sell” rating on the stock in a research report on Monday, November 7th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Cogent Communications has an average rating of “Hold” and an average target price of $65.00.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.
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