BNP Paribas Financial Markets Has $2.87 Million Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

BNP Paribas Financial Markets lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 18.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 37,856 shares of the technology company's stock after selling 8,702 shares during the period. BNP Paribas Financial Markets owned 0.08% of Cogent Communications worth $2,874,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CCOI. Harbor Capital Advisors Inc. grew its position in shares of Cogent Communications by 289.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company's stock worth $566,000 after buying an additional 7,448 shares during the period. Ipswich Investment Management Co. Inc. increased its stake in Cogent Communications by 4.6% in the second quarter. Ipswich Investment Management Co. Inc. now owns 40,894 shares of the technology company's stock valued at $2,308,000 after purchasing an additional 1,805 shares in the last quarter. Salvus Wealth Management LLC raised its holdings in Cogent Communications by 48.7% in the second quarter. Salvus Wealth Management LLC now owns 29,011 shares of the technology company's stock worth $1,637,000 after purchasing an additional 9,504 shares during the period. ARS Investment Partners LLC bought a new position in shares of Cogent Communications during the second quarter worth $621,000. Finally, Clear Harbor Asset Management LLC boosted its position in shares of Cogent Communications by 144.8% during the second quarter. Clear Harbor Asset Management LLC now owns 15,766 shares of the technology company's stock worth $890,000 after purchasing an additional 9,326 shares in the last quarter. Institutional investors own 92.45% of the company's stock.

Cogent Communications Stock Performance

Shares of NASDAQ:CCOI traded down $0.57 on Friday, reaching $78.15. 378,659 shares of the company's stock were exchanged, compared to its average volume of 439,695. 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 Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76. The company has a fifty day moving average of $80.89 and a 200-day moving average of $70.08. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 99.27 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same period in the prior year, the company posted ($1.13) EPS. The company's revenue was down 6.6% compared to the same quarter last year. On average, research analysts predict that Cogent Communications Holdings, Inc. will post -4.53 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. The ex-dividend date is Friday, November 22nd. This is a boost from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 5.09%. Cogent Communications's dividend payout ratio is presently 510.26%.

Insider Buying and Selling at Cogent Communications

In related news, VP John B. Chang sold 1,400 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now directly owns 71,580 shares in the company, valued at $5,130,138.60. This represents a 1.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Blake Bath sold 6,220 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the transaction, the director now directly owns 10,000 shares of the company's stock, valued at approximately $836,900. The trade was a 38.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,816 shares of company stock valued at $1,530,087. 11.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Bank of America cut shares of Cogent Communications from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. KeyCorp increased their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Tuesday, August 27th. The Goldman Sachs Group lifted their price target on Cogent Communications from $62.00 to $71.00 and gave the company a "neutral" rating in a research note on Friday, October 4th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. Finally, TD Cowen lifted their target price on Cogent Communications from $78.00 to $82.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of "Hold" and a consensus price target of $80.25.

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.