Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy Sells 1,640 Shares

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 1,640 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $57.79, for a total transaction of $94,775.60. Following the transaction, the director now owns 10,091 shares in the company, valued at $583,158.89. The sale was disclosed in a filing with the SEC, which is available through this link.

Cogent Communications Stock Performance

CCOI opened at $59.14 on Friday. The stock’s 50 day simple moving average is $62.72 and its 200 day simple moving average is $68.98. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $2.90 billion, a P/E ratio of 2.34 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 1-year low of $57.11 and a 1-year high of $86.00.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The company had revenue of $272.10 million during the quarter, compared to analysts’ expectations of $275.82 million. As a group, equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Thursday, May 23rd will be given a $0.975 dividend. The ex-dividend date is Wednesday, May 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 annualized dividend and a dividend yield of 6.59%. Cogent Communications’s dividend payout ratio (DPR) is currently 15.45%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. FMR LLC increased its stake in Cogent Communications by 58.9% during the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after acquiring an additional 263,313 shares during the last quarter. Jennison Associates LLC increased its position in Cogent Communications by 46.6% during the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after purchasing an additional 263,276 shares in the last quarter. Reaves W H & Co. Inc. raised its holdings in Cogent Communications by 16.2% in the fourth quarter. Reaves W H & Co. Inc. now owns 482,532 shares of the technology company’s stock valued at $36,701,000 after buying an additional 67,201 shares during the period. Alps Advisors Inc. grew its stake in Cogent Communications by 107.2% during the third quarter. Alps Advisors Inc. now owns 46,822 shares of the technology company’s stock worth $2,898,000 after buying an additional 24,226 shares during the period. Finally, Raymond James & Associates increased its position in shares of Cogent Communications by 7.0% in the fourth quarter. Raymond James & Associates now owns 630,300 shares of the technology company’s stock worth $47,941,000 after acquiring an additional 41,104 shares in the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CCOI has been the subject of several recent analyst reports. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. KeyCorp cut their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. TD Cowen reduced their price objective on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $75.14.

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, Oceania, South America, 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.