Steven D. Brooks Sells 10,000 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Director Steven D. Brooks sold 10,000 shares of Cogent Communications Holdings stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $43.25, for a total transaction of $432,500.00. Following the completion of the sale, the director now owns 26,400 shares in the company, valued at $1,141,800. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Shares of Cogent Communications Holdings, Inc. (NASDAQ CCOI) opened at 42.25 on Friday. The firm has a market capitalization of $1.89 billion, a PE ratio of 120.71 and a beta of 0.74. The stock has a 50 day moving average of $42.46 and a 200-day moving average of $41.76. Cogent Communications Holdings, Inc. has a 52 week low of $34.23 and a 52 week high of $45.25.

Cogent Communications Holdings (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $119.80 million for the quarter, compared to analysts’ expectations of $120.23 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the company posted $0.09 EPS. Equities analysts anticipate that Cogent Communications Holdings, Inc. will post $0.48 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $0.46 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.84 annualized dividend and a dividend yield of 4.36%. This is a boost from Cogent Communications Holdings’s previous quarterly dividend of $0.44. Cogent Communications Holdings’s dividend payout ratio (DPR) is presently 511.11%.

Several brokerages have recently issued reports on CCOI. Cowen and Company downgraded shares of Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and set a $46.00 target price on the stock. in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research report on Monday, May 1st. Off Wall Street began coverage on shares of Cogent Communications Holdings in a research report on Monday, July 31st. They set a “sell” rating and a $29.00 price objective on the stock. Citigroup Inc. boosted their price objective on shares of Cogent Communications Holdings from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, April 25th. Finally, BidaskClub downgraded shares of Cogent Communications Holdings from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Three analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $42.45.

Several institutional investors have recently made changes to their positions in the stock. Great West Life Assurance Co. Can raised its position in Cogent Communications Holdings by 0.7% in the first quarter. Great West Life Assurance Co. Can now owns 517,181 shares of the technology company’s stock valued at $22,267,000 after buying an additional 3,731 shares during the last quarter. Wells Fargo & Company MN raised its position in Cogent Communications Holdings by 4.1% in the first quarter. Wells Fargo & Company MN now owns 77,208 shares of the technology company’s stock valued at $3,323,000 after buying an additional 3,006 shares during the last quarter. Capital Insight Partners LLC raised its position in Cogent Communications Holdings by 1.7% in the first quarter. Capital Insight Partners LLC now owns 26,210 shares of the technology company’s stock valued at $1,128,000 after buying an additional 436 shares during the last quarter. Russell Investments Group Ltd. raised its position in Cogent Communications Holdings by 54.7% in the first quarter. Russell Investments Group Ltd. now owns 82,198 shares of the technology company’s stock valued at $3,538,000 after buying an additional 29,059 shares during the last quarter. Finally, Glen Harbor Capital Management LLC raised its position in Cogent Communications Holdings by 36.5% in the first quarter. Glen Harbor Capital Management LLC now owns 2,828 shares of the technology company’s stock valued at $122,000 after buying an additional 756 shares during the last quarter. Hedge funds and other institutional investors own 94.29% of the company’s stock.

About Cogent Communications Holdings

Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.