Atom Investors LP Purchases New Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Atom Investors LP purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 60,133 shares of the technology company's stock, valued at approximately $4,565,000. Atom Investors LP owned about 0.12% of Cogent Communications at the end of the most recent reporting period.

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

Analysts Set New Price Targets

CCOI has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price objective on Cogent Communications from $62.00 to $71.00 and gave the stock a "neutral" rating in a report on Friday, October 4th. JPMorgan Chase & Co. upped 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. UBS Group started coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They set a "buy" rating and a $102.00 price target on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. Finally, Citigroup raised their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, August 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $80.25.

Cogent Communications Price Performance

Shares of CCOI traded up $1.10 during trading hours on Monday, reaching $83.29. 357,644 shares of the stock traded hands, compared to its average volume of 438,683. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week 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. The company has a market cap of $4.08 billion, a P/E ratio of 105.37 and a beta of 0.40. The company's 50-day moving average price is $80.34 and its two-hundred day moving average price is $69.62.

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

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This is a positive change from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date is Friday, November 22nd. Cogent Communications's dividend payout ratio (DPR) is 510.26%.

Insider Activity

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value 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. The trade was a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Blake Bath sold 6,220 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the sale, the director now directly owns 10,000 shares in the company, valued at $836,900. This trade represents a 38.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,016 shares of company stock worth $1,116,135 over the last quarter. Insiders own 11.40% of the company's stock.

About Cogent Communications

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.