Sheryl Lynn Kennedy Sells Shares of Cogent Communications Holdings, Inc.

Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) announced that its director, Sheryl Lynn Kennedy, sold a total of 1,425 shares of the company's stock on Monday, March 3rd. The shares were sold at an average price of $72.96 each, resulting in a total transaction value of $103,968.00. After this transaction, Kennedy now directly owns 10,147 shares of the company, which are valued at approximately $740,325.12. This indicates a 12.31% decrease in her overall ownership of Cogent's stock. The details of the sale were reported in a legal filing with the Securities and Exchange Commission (SEC), which is accessible for more information.

Cogent Communications Stock Performance

On the same day of the sale, the shares of Cogent Communications (CCOI) experienced a decline of $1.62, closing at $71.46. The trading volume for the company was recorded at 412,965 shares, surpassing its average volume of 351,165 shares. Cogent Communications has seen its stock range between a 52-week low of $50.80 and a 52-week high of $86.76. The company currently boasts a market capitalization of $3.50 billion, a price-to-earnings ratio of 91.39, and a beta of 0.40. Additionally, the company has a quick ratio of 2.03, a current ratio of 2.03, and a debt-to-equity ratio of 5.87. The stock's 50-day moving average is $76.64, while its 200-day moving average stands at $77.12.

Recent Earnings Report

Cogent Communications recently released its quarterly earnings data on February 27th. The report indicated that the company recorded earnings of ($0.91) per share for the quarter, which was better than analysts' expectations of ($1.22) by $0.31. The company reported a net margin of 3.73% and a negative return on equity of 36.31%. In terms of revenue, Cogent Communications achieved $252.29 million for the quarter, which fell short of analysts' forecast of $258.49 million. Looking ahead, analysts predict that Cogent Communications Holdings, Inc. will report an EPS of -4.55 for the current fiscal year.

Dividend Increase Announcement

The company also announced a quarterly dividend that will be distributed on March 28th. Stockholders who are on record as of March 13th will receive a dividend of $1.005 per share, an increase from the previous quarterly dividend of $1.00. This annualizes to a total dividend of $4.02 and a yield of 5.63%. The ex-dividend date is set for March 13th, and currently, Cogent Communications has a dividend payout ratio of -93.49%.

Analyst Ratings

In addition to the recent sale, analysts have been closely monitoring shares of Cogent Communications. Notably, UBS Group initiated coverage on the stock, rating it as a "buy" with a price target of $102.00. Currently, there are varied ratings from analysts, including two sell ratings, two hold ratings, four buy ratings, and one strong buy rating. According to MarketBeat.com, the consensus rating for the stock is "Hold" with an average price target of $80.25.

Institutional Investor Activity

Institutional investors have recently adjusted their positions in Cogent Communications, showing a renewed interest in the company. For example, Itau Unibanco Holding S.A. purchased a new stake worth approximately $30,000 in the third quarter. Additionally, Blue Trust Inc. increased its stake by 204.5%, now owning 405 shares valued at $31,000 after acquiring more shares. Other institutional stakeholders, such as Quest Partners LLC and Hillsdale Investment Management Inc., have also entered new positions in the company. Currently, institutional investors own 92.45% of the stock.

About Cogent Communications

Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private networking, and data center colocation services across various continents including North America, Europe, and Asia. The company serves a diverse clientele, including law firms, financial institutions, healthcare providers, and other businesses requiring reliable internet connectivity.

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