Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,114,596 shares of the technology company's stock after purchasing an additional 43,523 shares during the quarter. Vanguard Group Inc. owned 10.43% of Cogent Communications worth $394,182,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new stake in Cogent Communications during the third quarter valued at $30,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Cogent Communications during the 4th quarter valued at about $46,000. Blue Trust Inc. grew its position in shares of Cogent Communications by 53.8% during the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock valued at $47,000 after acquiring an additional 218 shares during the period. BankPlus Trust Department purchased a new position in shares of Cogent Communications in the 4th quarter valued at about $63,000. Finally, Jones Financial Companies Lllp raised its holdings in Cogent Communications by 132.1% in the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock worth $67,000 after purchasing an additional 498 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Trading Down 6.4 %

NASDAQ CCOI traded down $3.62 on Monday, reaching $53.30. 1,455,393 shares of the company were exchanged, compared to its average volume of 441,610. The business's fifty day moving average price is $72.40 and its 200 day moving average price is $76.08. 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 stock has a market capitalization of $2.63 billion, a P/E ratio of 68.33 and a beta of 0.69. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76.

Remove Ads

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

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $1.005 dividend. This is a positive change from Cogent Communications's previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 7.54%. The ex-dividend date of this dividend was Thursday, March 13th. Cogent Communications's payout ratio is -93.49%.

Insider Activity

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the transaction, the chief financial officer now directly owns 103,000 shares of the company's stock, valued at $7,422,180. The trade was a 4.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the transaction, the director now directly owns 10,147 shares of the company's stock, valued at approximately $740,325.12. The trade was a 12.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,681 shares of company stock valued at $840,878. Company insiders own 11.40% of the company's stock.

Analysts Set New Price Targets

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

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.