Insider Selling: Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Sells $26,540.00 in Stock
Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Timothy G. Oneill sold 400 shares of Cogent Communications stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $66.35, for a total value of $26,540.00. Following the completion of the transaction, the vice president now owns 31,200 shares of the company’s stock, valued at approximately $2,070,120. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Shares of Cogent Communications stock opened at $63.82 on Friday. Cogent Communications Holdings Inc has a 12 month low of $53.46 and a 12 month high of $92.96. The business has a fifty day simple moving average of $71.01 and a 200 day simple moving average of $78.38. The stock has a market cap of $3.02 billion, a PE ratio of 75.98, a price-to-earnings-growth ratio of 9.83 and a beta of 0.05.
Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.05). Cogent Communications had a negative return on equity of 20.17% and a net margin of 6.97%. The company had revenue of $140.99 million for the quarter, compared to analyst estimates of $143.29 million. During the same period last year, the firm earned $0.16 earnings per share. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, research analysts predict that Cogent Communications Holdings Inc will post 0.9 earnings per share for the current fiscal year.
Several equities analysts have issued reports on CCOI shares. Credit Suisse Group cut their price objective on Cogent Communications from $99.00 to $93.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. SunTrust Banks raised Cogent Communications from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Wednesday, July 1st. BidaskClub raised Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Citigroup lowered their target price on Cogent Communications from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Finally, Moffett Nathanson raised Cogent Communications from a “sell” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $63.00 in a research note on Monday, August 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $81.00.
Several institutional investors have recently made changes to their positions in the stock. Copper Rock Capital Partners LLC acquired a new stake in shares of Cogent Communications during the second quarter worth $472,846,000. State Street Corp lifted its stake in Cogent Communications by 6.5% in the first quarter. State Street Corp now owns 1,326,226 shares of the technology company’s stock worth $108,711,000 after purchasing an additional 80,921 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Cogent Communications by 138.2% in the first quarter. Nuveen Asset Management LLC now owns 783,475 shares of the technology company’s stock worth $64,221,000 after purchasing an additional 454,603 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cogent Communications by 2.8% in the first quarter. Bank of New York Mellon Corp now owns 714,921 shares of the technology company’s stock worth $58,603,000 after purchasing an additional 19,562 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in Cogent Communications in the first quarter worth $52,629,000. 96.29% of the stock is owned by institutional investors and hedge funds.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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