Edgestream Partners L.P. Acquires New Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Edgestream Partners L.P. purchased a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 56,965 shares of the technology company's stock, valued at approximately $4,325,000. Edgestream Partners L.P. owned 0.12% of Cogent Communications at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its holdings in shares of Cogent Communications by 2,739.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company's stock worth $58,430,000 after acquiring an additional 998,796 shares during the period. EdgePoint Investment Group Inc. boosted its position in shares of Cogent Communications by 46.2% during the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company's stock valued at $86,759,000 after purchasing an additional 485,628 shares in the last quarter. Hood River Capital Management LLC grew its stake in Cogent Communications by 18.9% in the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company's stock worth $49,338,000 after purchasing an additional 138,680 shares during the period. AYAL Capital Advisors Ltd bought a new position in Cogent Communications in the second quarter worth $6,372,000. Finally, Verition Fund Management LLC lifted its position in Cogent Communications by 136.5% during the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company's stock valued at $11,025,000 after buying an additional 83,816 shares during the period. 92.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, VP John B. Chang sold 1,400 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO James Bubeck sold 1,920 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total transaction of $133,958.40. Following the sale, the executive now owns 50,982 shares of the company's stock, valued at $3,557,014.14. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,016 shares of company stock worth $1,116,135. 11.40% of the stock is owned by insiders.

Cogent Communications Stock Down 0.5 %

CCOI traded down $0.38 during trading on Friday, hitting $82.19. 163,688 shares of the company's stock traded hands, compared to its average volume of 413,195. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 105.37 and a beta of 0.40. The company's 50 day simple moving average is $80.34 and its two-hundred day simple moving average is $69.55. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $257.20 million for the quarter, compared to analysts' expectations of $258.69 million. During the same period last year, the firm posted ($1.13) earnings per share. Cogent Communications's revenue was down 6.6% compared to the same quarter last year. Analysts predict that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a yield of 4.84%. Cogent Communications's dividend payout ratio is 510.26%.

Analysts Set New Price Targets

CCOI has been the topic of a number of recent research reports. Bank of America downgraded shares of Cogent Communications from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup upped their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, August 19th. JPMorgan Chase & Co. lifted their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the company a "neutral" rating in a report on Monday, August 12th. Royal Bank of Canada restated an "outperform" rating and issued a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. Finally, UBS Group initiated coverage on Cogent Communications in a research note on Thursday, November 14th. They set a "buy" rating and a $102.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $80.25.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.