Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stake Reduced by Harspring Capital Management LLC

Harspring Capital Management LLC decreased its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 12.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,034,797 shares of the technology company's stock after selling 141,703 shares during the quarter. Cogent Communications makes up about 22.7% of Harspring Capital Management LLC's holdings, making the stock its largest position. Harspring Capital Management LLC owned 2.11% of Cogent Communications worth $79,752,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Cogent Communications by 4.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company's stock valued at $400,000 after purchasing an additional 212 shares during the period. Blue Trust Inc. increased its stake in Cogent Communications by 53.8% in the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock valued at $47,000 after buying an additional 218 shares during the period. Royce & Associates LP raised its position in Cogent Communications by 0.6% during the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock worth $2,611,000 after buying an additional 218 shares during the last quarter. Franklin Resources Inc. raised its position in Cogent Communications by 5.8% during the 4th quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company's stock worth $373,000 after buying an additional 263 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in shares of Cogent Communications by 10.9% in the fourth quarter. Xponance Inc. now owns 3,189 shares of the technology company's stock valued at $246,000 after acquiring an additional 313 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company's stock.

Cogent Communications Price Performance

Cogent Communications stock traded up $0.87 during mid-day trading on Friday, reaching $53.10. The company had a trading volume of 440,282 shares, compared to its average volume of 457,026. The stock's 50-day simple moving average is $66.80 and its 200-day simple moving average is $74.38. The company has a market capitalization of $2.62 billion, a P/E ratio of 68.08 and a beta of 0.69. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a 1 year low of $47.54 and a 1 year high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its earnings results on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, topping analysts' consensus estimates of ($1.22) by $0.31. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $252.29 million for the quarter, compared to the consensus estimate of $258.49 million. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $1.005 per share. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 7.57%. The ex-dividend date was Thursday, March 13th. Cogent Communications's dividend payout ratio (DPR) is -93.49%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $80.25.

Insiders Place Their Bets

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $72.57, for a total transaction of $174,168.00. Following the sale, the vice president now owns 41,000 shares of the company's stock, valued at $2,975,370. This trade represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 956 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the transaction, the director now directly owns 18,652 shares of the company's stock, valued at $1,293,702.72. The trade was a 4.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,681 shares of company stock worth $840,878. Insiders own 10.20% of the company's stock.

Cogent Communications Company 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.