Cogent Communications (NASDAQ:CCOI) Director Sells $81,360.00 in Stock

Cogent Communications Director Lewis Ferguson sold 4,000 shares for $81,360, reducing his ownership by 17.19%. The sale was disclosed in a SEC filing. The company's stock traded up 2.7% on the same day. Cogent Communications has a market cap of $981.91 million and recently announced a stock buyback program and a quarterly dividend. Institutional investors own 92.45% of the stock.

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) Director Lewis Ferguson sold 4,000 shares of Cogent Communications stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the sale, the director owned 19,267 shares of the company's stock, valued at approximately $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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Cogent Communications Trading Up 2.7%

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NASDAQ CCOI traded up $0.52 during trading hours on Tuesday, hitting $19.99. The company's stock had a trading volume of 1,224,278 shares, compared to its average volume of 2,322,797. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $84.06. The firm has a market capitalization of $981.91 million, a P/E ratio of -4.90 and a beta of 0.83. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 49.06. The stock has a fifty day moving average of $33.31 and a 200 day moving average of $40.19.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. The company had revenue of $241.95 million during the quarter, compared to analysts' expectations of $246.13 million. During the same quarter in the previous year, the company posted ($1.33) EPS. The business's revenue for the quarter was down 5.9% compared to the same quarter last year. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

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Cogent Communications declared that its board has authorized a stock repurchase program on Thursday, August 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Cogent Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Friday, November 21st will be issued a dividend of $0.02 per share. The ex-dividend date is Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications's dividend payout ratio (DPR) is -1.96%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CCOI. Dynamic Technology Lab Private Ltd bought a new stake in shares of Cogent Communications in the first quarter valued at about $557,000. LPL Financial LLC raised its stake in Cogent Communications by 6.5% in the 1st quarter. LPL Financial LLC now owns 46,947 shares of the technology company's stock worth $2,878,000 after purchasing an additional 2,881 shares in the last quarter. Ceredex Value Advisors LLC grew its position in shares of Cogent Communications by 44.6% during the 2nd quarter. Ceredex Value Advisors LLC now owns 206,800 shares of the technology company's stock worth $9,970,000 after purchasing an additional 63,750 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Cogent Communications by 43.9% during the second quarter. Asset Management One Co. Ltd. now owns 63,555 shares of the technology company's stock worth $3,064,000 after purchasing an additional 19,394 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Cogent Communications by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company's stock worth $51,127,000 after purchasing an additional 20,055 shares during the period. Institutional investors own 92.45% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CCOI. Citigroup cut their target price on shares of Cogent Communications from $33.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, November 11th. UBS Group reaffirmed a "neutral" rating and set a $27.00 price target (down previously from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. The Goldman Sachs Group lowered their price objective on shares of Cogent Communications from $40.00 to $25.00 and set a "neutral" rating on the stock in a report on Friday, November 7th. KeyCorp reduced their target price on shares of Cogent Communications from $65.00 to $30.00 and set an "overweight" rating for the company in a report on Friday, November 7th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $27.00 target price (down previously from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $25.71.

Read Our Latest Analysis on Cogent Communications

Cogent Communications Company Profile

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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, 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.

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