Allspring Global Investments Holdings LLC Has $438,000 Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Allspring Global Investments Holdings LLC grew its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 102.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 5,764 shares of the technology company’s stock after buying an additional 2,914 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cogent Communications were worth $438,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Handelsbanken Fonder AB increased its stake in Cogent Communications by 93.2% in the third quarter. Handelsbanken Fonder AB now owns 9,330 shares of the technology company’s stock valued at $578,000 after acquiring an additional 4,500 shares during the period. Ellsworth Advisors LLC bought a new stake in Cogent Communications in the third quarter valued at about $374,000. Copeland Capital Management LLC increased its stake in Cogent Communications by 0.7% in the third quarter. Copeland Capital Management LLC now owns 969,139 shares of the technology company’s stock valued at $59,990,000 after acquiring an additional 6,550 shares during the period. Xponance Inc. bought a new stake in Cogent Communications in the third quarter valued at about $275,000. Finally, Raymond James & Associates increased its stake in Cogent Communications by 26.8% in the third quarter. Raymond James & Associates now owns 589,196 shares of the technology company’s stock valued at $36,471,000 after acquiring an additional 124,348 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CCOI. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday. TheStreet raised shares of Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. KeyCorp upped their price objective on shares of Cogent Communications from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $77.57.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 8,826 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $72.55, for a total value of $640,326.30. Following the transaction, the chief executive officer now directly owns 4,815,764 shares of the company’s stock, valued at $349,383,678.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cogent Communications news, CEO Dave Schaeffer sold 8,826 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $72.55, for a total value of $640,326.30. Following the transaction, the chief executive officer now directly owns 4,815,764 shares of the company’s stock, valued at $349,383,678.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total transaction of $176,328.00. Following the completion of the transaction, the vice president now directly owns 41,000 shares in the company, valued at $3,012,270. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,320 shares of company stock valued at $4,669,997. 11.40% of the stock is currently owned by insiders.

Cogent Communications Price Performance

CCOI opened at $64.93 on Friday. Cogent Communications Holdings, Inc. has a one year low of $57.35 and a one year high of $86.00. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38. The company’s 50 day simple moving average is $67.93 and its 200-day simple moving average is $69.45. The stock has a market capitalization of $3.08 billion, a P/E ratio of 2.43 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. The business had revenue of $272.10 million for the quarter, compared to analysts’ expectations of $275.82 million. Sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were paid a $0.965 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 dividend on an annualized basis and a yield of 5.94%. Cogent Communications’s dividend payout ratio (DPR) is presently 14.43%.

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.