Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by State Street Corp

State Street Corp raised its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 1.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,750,810 shares of the technology company's stock after purchasing an additional 22,738 shares during the quarter. State Street Corp owned 3.57% of Cogent Communications worth $132,921,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new position in Cogent Communications in the third quarter worth about $30,000. Blue Trust Inc. lifted its stake in shares of Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock worth $31,000 after acquiring an additional 272 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock valued at $41,000 after purchasing an additional 226 shares during the period. Quest Partners LLC bought a new position in shares of Cogent Communications in the third quarter worth about $46,000. Finally, GAMMA Investing LLC increased its stake in Cogent Communications by 207.0% in the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company's stock worth $50,000 after buying an additional 445 shares during the period. Institutional investors own 92.45% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup raised their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, August 19th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. The Goldman Sachs Group raised 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. KeyCorp upped their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 27th. Finally, Bank of America downgraded 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 research report 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $80.25.

Cogent Communications Stock Up 2.5 %

CCOI stock traded up $1.86 on Friday, hitting $77.29. 241,823 shares of the company's stock were exchanged, compared to its average volume of 437,544. The firm has a 50 day moving average price of $81.01 and a two-hundred day moving average price of $70.90. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The stock has a market cap of $3.79 billion, a P/E ratio of 99.09 and a beta of 0.39. 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 (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, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same period in the previous year, the firm posted ($1.13) earnings per share. The business's revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a dividend yield of 5.15%. The ex-dividend date was Friday, November 22nd. This is a boost from Cogent Communications's previous quarterly dividend of $0.99. Cogent Communications's dividend payout ratio (DPR) is 510.26%.

Insider Activity at Cogent Communications

In other news, VP Henry W. Kilmer sold 4,800 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total transaction of $362,928.00. Following the completion of the transaction, the vice president now directly owns 33,800 shares of the company's stock, valued at $2,555,618. This represents a 12.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $836,900. The trade was a 38.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,136 shares of company stock worth $1,939,749 over the last three months. Company insiders own 11.40% of the company's stock.

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.