Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy Sells 962 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) Director Sheryl Lynn Kennedy sold 962 shares of the firm’s stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $57.83, for a total transaction of $55,632.46. Following the completion of the sale, the director now directly owns 6,100 shares of the company’s stock, valued at $352,763. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Cogent Communications Price Performance

Shares of Cogent Communications stock opened at $57.87 on Tuesday. The company has a 50-day moving average of $53.29 and a 200 day moving average of $57.03. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 120.57, a PEG ratio of 8.88 and a beta of 0.33. Cogent Communications Holdings, Inc. has a 1 year low of $46.75 and a 1 year high of $79.81.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be paid a dividend of $0.915 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.91. This represents a $3.66 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date is Thursday, November 17th. Cogent Communications’s dividend payout ratio (DPR) is currently 762.52%.

Analyst Ratings Changes

Several research firms have recently commented on CCOI. KeyCorp raised shares of Cogent Communications from a “sector weight” rating to an “overweight” rating and set a $64.00 target price for the company in a research report on Tuesday, September 27th. Cowen dropped their target price on shares of Cogent Communications to $62.00 in a research report on Tuesday, August 9th. Moffett Nathanson raised their target price on shares of Cogent Communications to $93.00 in a research report on Thursday, November 17th. Wells Fargo & Company dropped their target price on shares of Cogent Communications from $55.00 to $53.00 and set an “underweight” rating for the company in a research report on Friday, November 4th. Finally, The Goldman Sachs Group decreased their price target on shares of Cogent Communications from $49.00 to $43.00 and set a “sell” rating for the company in a research note on Monday, November 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $65.00.

Institutional Trading of Cogent Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Cogent Communications by 2.1% during the 3rd quarter. BlackRock Inc. now owns 7,390,862 shares of the technology company’s stock valued at $385,506,000 after purchasing an additional 149,238 shares in the last quarter. Vanguard Group Inc. increased its stake in Cogent Communications by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company’s stock valued at $269,811,000 after purchasing an additional 90,137 shares in the last quarter. Renaissance Technologies LLC increased its stake in Cogent Communications by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the technology company’s stock valued at $140,481,000 after purchasing an additional 147,700 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Cogent Communications by 10.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,966,077 shares of the technology company’s stock valued at $119,459,000 after purchasing an additional 179,771 shares in the last quarter. Finally, State Street Corp increased its stake in Cogent Communications by 2.8% during the 2nd quarter. State Street Corp now owns 1,754,375 shares of the technology company’s stock valued at $106,596,000 after purchasing an additional 48,110 shares in the last quarter. 86.84% of the stock is currently owned by institutional investors.

About Cogent Communications

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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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