Sheryl Lynn Kennedy Sells 1,425 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Sheryl Lynn Kennedy sold 1,425 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the sale, the director now owns 10,147 shares of the company’s stock, valued at $740,325.12. This trade represents a 12.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $71.26 on Wednesday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a 50-day moving average price of $76.47 and a two-hundred day moving average price of $77.09. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76. The company has a market capitalization of $3.49 billion, a P/E ratio of 91.36 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. As a group, research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a dividend of $1.005 per share. The ex-dividend date is Thursday, March 13th. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. This represents a $4.02 dividend on an annualized basis and a dividend yield of 5.64%. Cogent Communications’s payout ratio is -93.49%.

Analysts Set New Price Targets

CCOI has been the subject of several recent analyst reports. UBS Group initiated coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective for the company. StockNews.com upgraded shares of Cogent Communications to a “sell” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $80.25.

Institutional Investors Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently modified their holdings of the company. Intech Investment Management LLC grew its holdings in shares of Cogent Communications by 85.7% during the third quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company’s stock worth $1,284,000 after buying an additional 7,803 shares in the last quarter. Consolidated Planning Corp purchased a new stake in shares of Cogent Communications during the third quarter worth about $630,000. PEAK6 Investments LLC purchased a new stake in shares of Cogent Communications during the third quarter worth about $1,720,000. Citigroup Inc. grew its holdings in shares of Cogent Communications by 56.8% during the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock worth $4,297,000 after buying an additional 20,510 shares in the last quarter. Finally, Verition Fund Management LLC grew its holdings in shares of Cogent Communications by 136.5% during the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company’s stock worth $11,025,000 after buying an additional 83,816 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

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.