Insider Selling: Cogent Communications Holdings Inc (CCOI) VP Sells 3,000 Shares of Stock
Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Raymond B. Kummer sold 3,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $52.30, for a total transaction of $156,900.00. Following the transaction, the vice president now directly owns 46,440 shares of the company’s stock, valued at approximately $2,428,812. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Shares of CCOI traded up $1.36 during midday trading on Thursday, reaching $52.82. The stock had a trading volume of 381,725 shares, compared to its average volume of 270,360. Cogent Communications Holdings Inc has a 1-year low of $41.60 and a 1-year high of $57.65. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 83.84, a PEG ratio of 7.29 and a beta of 0.69.
Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, February 21st. The technology company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.02). Cogent Communications had a net margin of 5.51% and a negative return on equity of 23.57%. The firm had revenue of $132.05 million during the quarter, compared to analyst estimates of $132.63 million. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Cogent Communications’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts expect that Cogent Communications Holdings Inc will post 0.88 EPS for the current year.
Several equities analysts have commented on the stock. Zacks Investment Research cut shares of Cogent Communications from a “buy” rating to a “sell” rating in a research report on Wednesday, February 20th. ValuEngine raised shares of Cogent Communications from a “hold” rating to a “buy” rating in a research report on Thursday, March 14th. Royal Bank of Canada raised their price target on shares of Cogent Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research report on Monday, February 25th. Deutsche Bank raised shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research report on Monday, December 17th. Finally, BidaskClub cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Friday, February 8th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Cogent Communications has an average rating of “Hold” and a consensus target price of $50.14.
A number of large investors have recently made changes to their positions in CCOI. Slow Capital Inc. grew its position in Cogent Communications by 1.8% during the 4th quarter. Slow Capital Inc. now owns 13,619 shares of the technology company’s stock worth $616,000 after purchasing an additional 239 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Cogent Communications by 2.0% in the fourth quarter. State of Alaska Department of Revenue now owns 14,017 shares of the technology company’s stock valued at $633,000 after acquiring an additional 280 shares in the last quarter. Piedmont Investment Advisors Inc. boosted its holdings in shares of Cogent Communications by 3.4% in the fourth quarter. Piedmont Investment Advisors Inc. now owns 9,954 shares of the technology company’s stock valued at $450,000 after acquiring an additional 324 shares in the last quarter. GSA Capital Partners LLP boosted its holdings in shares of Cogent Communications by 7.0% in the fourth quarter. GSA Capital Partners LLP now owns 5,993 shares of the technology company’s stock valued at $271,000 after acquiring an additional 393 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cogent Communications by 16.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,895 shares of the technology company’s stock valued at $131,000 after acquiring an additional 408 shares in the last quarter. Hedge funds and other institutional investors own 89.38% of the company’s stock.
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Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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