Citigroup Inc. Grows Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Citigroup Inc. grew its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 56.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 56,595 shares of the technology company's stock after purchasing an additional 20,510 shares during the quarter. Citigroup Inc. owned 0.12% of Cogent Communications worth $4,297,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CCOI. Harbor Capital Advisors Inc. lifted its stake in Cogent Communications by 289.6% in the second quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company's stock worth $566,000 after acquiring an additional 7,448 shares during the last quarter. Intech Investment Management LLC raised its holdings in Cogent Communications by 85.7% during the third quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company's stock worth $1,284,000 after purchasing an additional 7,803 shares in the last quarter. Consolidated Planning Corp acquired a new stake in Cogent Communications during the third quarter worth approximately $630,000. Boston Financial Mangement LLC raised its holdings in Cogent Communications by 2.8% during the third quarter. Boston Financial Mangement LLC now owns 609,821 shares of the technology company's stock worth $46,298,000 after purchasing an additional 16,527 shares in the last quarter. Finally, AYAL Capital Advisors Ltd acquired a new stake in Cogent Communications during the second quarter worth approximately $6,372,000. Hedge funds and other institutional investors own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CCOI. Citigroup raised 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. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. Bank of America cut shares of Cogent Communications from a "neutral" rating to an "underperform" rating and cut their target price for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. 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. Finally, TD Cowen lifted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a "buy" rating in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $80.25.

Cogent Communications Stock Performance

CCOI traded down $0.71 during trading on Wednesday, hitting $79.90. The stock had a trading volume of 479,538 shares, compared to its average volume of 440,534. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market capitalization of $3.92 billion, a P/E ratio of 103.35 and a beta of 0.39. The company's 50-day moving average price is $80.67 and its 200 day moving average price is $69.95. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business's revenue was down 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.13) EPS. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.53 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given 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 annualized dividend and a dividend yield of 4.98%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications's payout ratio is presently 510.26%.

Insiders Place Their Bets

In related news, VP John B. Chang sold 1,400 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now directly owns 71,580 shares in the company, valued at $5,130,138.60. The trade was a 1.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $80.58, for a total transaction of $108,783.00. Following the completion of the sale, the director now owns 10,318 shares in the company, valued at $831,424.44. This represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,816 shares of company stock worth $1,530,087. Corporate insiders own 11.00% of the company's stock.

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.