Cogent Communications Holdings Inc (NASDAQ:CCOI) Director Tim Weingarten sold 2,500 shares of the firm’s stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $51.01, for a total value of $127,525.00. Following the sale, the director now directly owns 21,111 shares in the company, valued at approximately $1,076,872.11. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
CCOI opened at $50.05 on Friday. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 88.36, a PEG ratio of 9.71 and a beta of 0.61. Cogent Communications Holdings Inc has a 52 week low of $35.75 and a 52 week high of $57.65.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 1st. The technology company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.17 by $0.01. The company had revenue of $130.00 million for the quarter, compared to analyst estimates of $132.09 million. Cogent Communications had a negative return on equity of 24.22% and a net margin of 2.99%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 earnings per share. Equities analysts expect that Cogent Communications Holdings Inc will post 0.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be given a dividend of $0.56 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.54. The ex-dividend date is Thursday, November 15th. This represents a $2.24 annualized dividend and a yield of 4.48%. Cogent Communications’s payout ratio is 568.42%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Cogent Communications by 13.3% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,981 shares of the technology company’s stock valued at $557,000 after purchasing an additional 1,168 shares during the last quarter. Comerica Bank grew its stake in shares of Cogent Communications by 2.8% in the 2nd quarter. Comerica Bank now owns 44,797 shares of the technology company’s stock valued at $2,432,000 after purchasing an additional 1,233 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Cogent Communications by 2.1% in the 1st quarter. Legal & General Group Plc now owns 86,628 shares of the technology company’s stock valued at $3,731,000 after purchasing an additional 1,757 shares during the last quarter. Vident Investment Advisory LLC grew its stake in shares of Cogent Communications by 8.1% in the 2nd quarter. Vident Investment Advisory LLC now owns 25,856 shares of the technology company’s stock valued at $1,381,000 after purchasing an additional 1,927 shares during the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd grew its stake in shares of Cogent Communications by 13.0% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 20,222 shares of the technology company’s stock valued at $1,128,000 after purchasing an additional 2,332 shares during the last quarter. 90.36% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on the company. BidaskClub lowered Cogent Communications from a “buy” rating to a “hold” rating in a research report on Saturday, September 22nd. Citigroup raised their target price on Cogent Communications from $39.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, November 2nd. Wells Fargo & Co raised their target price on Cogent Communications from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Friday, November 2nd. Zacks Investment Research raised Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 target price on the stock in a research report on Monday, October 8th. Finally, William Blair reissued an “outperform” rating on shares of Cogent Communications in a research report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $51.14.
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About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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