Marc Montagner Buys 10,000 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Free Report) Director Marc Montagner bought 10,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, June 11th. The shares were acquired at an average price of $52.61 per share, with a total value of $526,100.00. Following the acquisition, the director now directly owns 79,468 shares of the company’s stock, valued at approximately $4,180,811.48. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Cogent Communications Stock Performance

Shares of NASDAQ CCOI traded up $0.36 during mid-day trading on Tuesday, reaching $52.15. 811,053 shares of the company were exchanged, compared to its average volume of 435,273. The company’s 50-day simple moving average is $61.34 and its 200-day simple moving average is $68.33. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80. The stock has a market capitalization of $2.56 billion, a P/E ratio of 2.07 and a beta of 0.41. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00.

Cogent Communications (NASDAQ:CCOIGet Free Report) last released its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The business had revenue of $266.17 million for the quarter, compared to the consensus estimate of $274.13 million. As a group, research analysts predict that Cogent Communications Holdings, Inc. will post -4.63 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were given a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a yield of 7.48%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is currently 15.45%.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently bought and sold shares of the business. Jackson Wealth Management LLC increased its position in Cogent Communications by 4.2% during the first quarter. Jackson Wealth Management LLC now owns 32,925 shares of the technology company’s stock worth $2,151,000 after acquiring an additional 1,313 shares during the period. Westwood Holdings Group Inc. increased its holdings in Cogent Communications by 16.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after buying an additional 105,164 shares during the period. EdgePoint Investment Group Inc. increased its holdings in Cogent Communications by 500.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after buying an additional 876,326 shares during the period. Bayesian Capital Management LP bought a new position in Cogent Communications in the 1st quarter valued at about $381,000. Finally, Hood River Capital Management LLC increased its holdings in Cogent Communications by 19.2% in the 1st quarter. Hood River Capital Management LLC now owns 735,494 shares of the technology company’s stock valued at $48,050,000 after buying an additional 118,588 shares during the period. 92.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CCOI has been the subject of a number of recent analyst reports. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. KeyCorp cut their price target on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. JPMorgan Chase & Co. cut their price target on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $75.14.

Read Our Latest Stock Analysis on CCOI

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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Insider Buying and Selling by Quarter for Cogent Communications (NASDAQ:CCOI)

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