Insider Selling: Cogent Communications Group VP Unloads 1,000 Shares of Stock (CCOI)
Cogent Communications Group (NASDAQ:CCOI) VP Robert N. Beury, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $34.39, for a total transaction of $34,390.00. Following the completion of the transaction, the vice president now directly owns 37,640 shares in the company, valued at approximately $1,294,440. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Cogent Communications Group in a research note on Monday, August 11th. They now have a $40.00 price target on the stock, down previously from $45.00. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $40.00.
Cogent Communications Group (NASDAQ:CCOI) traded down 0.69% during mid-day trading on Wednesday, hitting $34.45. 121,464 shares of the company’s stock traded hands. Cogent Communications Group has a one year low of $30.25 and a one year high of $43.50. The stock’s 50-day moving average is $34.27 and its 200-day moving average is $35.31. The company has a market cap of $1.581 billion and a price-to-earnings ratio of 28.86.
Cogent Communications Group (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by $0.03. The company had revenue of $94.60 million for the quarter, compared to the consensus estimate of $95.60 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts expect that Cogent Communications Group will post $0.16 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Stockholders of record on Friday, August 29th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Wednesday, August 27th. This is a boost from Cogent Communications Group’s previous quarterly dividend of $0.17.
Cogent Communications Group, Inc is a facilities-based provider of Internet access and Internet Protocol (NASDAQ:CCOI), communications services.
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