Cogent Communications Holdings, Inc. (NASDAQ: CCOI – Rated ) director Marc Montagner acquired 10,000 shares of the company’s stock in a trade dated Wednesday, November 9th. Shares were purchased at an average price of $54.88 per share for a total value of $548,800.00. Following the transaction, the directors now directly own 71,212 shares of the company, worth approximately $3,908,114.56. The purchase was disclosed in a legal filing with the U.S. Securities and Exchange Commission, which can be accessed via this hyperlink.
Cogent Communications stock performance
Shares of CCOI on Nasdaq were up $1.18 at $58.02 by midday Tuesday. The company’s volume was 6,545 shares, compared with its average volume of 319,632 shares. Cogent Communications Holdings, Inc. had a twelve-month low of $46.75 and a twelve-month high of $80.50. The market cap is $2.79 billion, with a P/E ratio of 118.42, a P/E ratio of 8.66, and a beta of 0.33. The stock’s 50-day moving average is $52.80 and its 200-day moving average is $57.15.
Persuasive communication pays dividends
The company also recently announced a quarterly dividend, payable on Friday, December 2. Shareholders of record on Friday, November 18 will receive a dividend of $0.915 per share. This represents an annualized dividend of $3.66 and a yield of 6.31%. That’s up from Cogent Communications’ previous quarterly dividend of $0.91. The ex-dividend date for this dividend is Thursday, November 17. Cogent Communications currently has a dividend payout ratio of 754.18%.
Hedge Funds Engage in Persuasive Communications
Several hedge funds have recently bought and sold CCOI stock. Envestnet Asset Management Inc. increased its stake in Cogent Communications by 3.1% in the second quarter. Envestnet Asset Management Inc. now owns 81,391 shares of the tech company worth $4,945,000 after acquiring an additional 2,462 shares during that period. Advisor Group Holdings Inc. increased its stake in Cogent Communications by 6.5% in the first quarter. Advisor Group Holdings Inc. now owns 22,051 shares of the tech company worth $2,627,000 after acquiring an additional 1,354 shares during that period. The Swiss National Bank increased its stake in Cogent Communications by 7.5% in the first quarter. The Swiss National Bank now owns 101,400 shares of the tech company, worth $6,728,000, after acquiring an additional 7,100 shares during that period. Harber Asset Management LLC increased its stake in Cogent Communications by 150.4% in the first quarter. Harber Asset Management LLC now owns 76,620 shares of the tech company worth $5,084,000 after acquiring an additional 46,020 shares during the period. Finally, WINTON GROUP Ltd increased its stake in Cogent Communications by 10.0% during the second quarter. WINTON GROUP Ltd now owns 34,522 shares worth $2,098,000 in the technology company after acquiring an additional 3,146 shares in the period. 86.84% of shares are held by institutional investors and hedge funds.
Wall Street analysts weigh in
A number of equity research analysts have recently commented on the company. Royal Bank of Canada cut their price target on Cogent Communications from $64.00 to $61.00 and set an “outperform” rating on the company in a research report on Tuesday. Credit Suisse Group upped their price target on Cogent Communications from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Tuesday, November 8th. KeyCorp raised shares of Cogent Communications from an “sector weight” rating to an “overweight” rating and set a $64.00 price target on the stock in a research report on Tuesday, September 27th. Wells Fargo & Company cut their price target on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating on the stock in a research report on Friday, November 4th. Finally, StockNews.com began coverage on shares of Cogent Communications in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and an average price target of $61.50.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networks and data center colocation space services in North America, Europe, Asia, South America, Australia and Africa. The company provides online Internet access and private network services to law firms, financial services companies, advertising and marketing firms, as well as healthcare providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, and cable companies 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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