Global Alpha Capital Management Ltd. Reduces Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Global Alpha Capital Management Ltd. reduced its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 86.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,713 shares of the technology company's stock after selling 196,800 shares during the quarter. Global Alpha Capital Management Ltd. owned 0.06% of Cogent Communications worth $2,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CCOI. Thrivent Financial for Lutherans boosted its stake in Cogent Communications by 2,739.1% during the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company's stock valued at $58,430,000 after buying an additional 998,796 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in Cogent Communications by 500.1% during the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company's stock valued at $68,699,000 after acquiring an additional 876,326 shares during the last quarter. Capital World Investors boosted its position in shares of Cogent Communications by 327.7% in the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company's stock worth $64,129,000 after purchasing an additional 752,133 shares in the last quarter. Senator Investment Group LP increased its holdings in shares of Cogent Communications by 83.0% during the first quarter. Senator Investment Group LP now owns 666,768 shares of the technology company's stock valued at $43,560,000 after acquiring an additional 302,365 shares in the last quarter. Finally, Hood River Capital Management LLC increased its holdings in shares of Cogent Communications by 18.9% in the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company's stock valued at $49,338,000 after purchasing an additional 138,680 shares during the period. 92.45% of the stock is owned by institutional investors.

Cogent Communications Stock Performance

NASDAQ:CCOI traded up $1.44 during mid-day trading on Wednesday, reaching $81.40. The stock had a trading volume of 406,302 shares, compared to its average volume of 438,835. The business has a 50 day simple moving average of $78.54 and a 200 day simple moving average of $68.40. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 102.51 and a beta of 0.40. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. 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 posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for 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 revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the company earned ($1.13) earnings per share. On average, analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company 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 $0.995 dividend. 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 4.89%. The ex-dividend date is Friday, November 22nd. Cogent Communications's payout ratio is presently 505.13%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the company's stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. This represents a 8.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 69,346 shares of company stock worth $5,077,344. Insiders own 11.00% of the company's stock.

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of analyst reports. UBS Group assumed coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They set a "buy" rating and a $102.00 price objective on the stock. KeyCorp upped their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Tuesday, August 27th. Royal Bank of Canada reiterated an "outperform" rating and set a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. TD Cowen boosted their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, August 9th. Finally, Bank of America downgraded shares of Cogent Communications from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. Two research 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $80.25.

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.