Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Bought by Harber Asset Management LLC

Harber Asset Management LLC lifted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,041 shares of the technology company’s stock after acquiring an additional 925 shares during the quarter. Cogent Communications accounts for 1.5% of Harber Asset Management LLC’s holdings, making the stock its 28th biggest position. Harber Asset Management LLC owned approximately 0.13% of Cogent Communications worth $5,090,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. acquired a new stake in Cogent Communications during the fourth quarter valued at $46,000. Blue Trust Inc. lifted its position in shares of Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after acquiring an additional 218 shares in the last quarter. BankPlus Trust Department acquired a new stake in Cogent Communications during the 4th quarter worth $63,000. Jones Financial Companies Lllp grew its stake in Cogent Communications by 132.1% during the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock valued at $67,000 after acquiring an additional 498 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Cogent Communications by 212.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company’s stock valued at $113,000 after purchasing an additional 1,015 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Cogent Communications Stock Performance

Shares of CCOI stock opened at $51.73 on Monday. Cogent Communications Holdings, Inc. has a 12 month low of $47.54 and a 12 month high of $86.76. The company has a market cap of $2.55 billion, a P/E ratio of 66.32 and a beta of 0.69. 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 firm has a fifty day moving average price of $69.57 and a 200 day moving average price of $75.16.

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

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a dividend of $1.005 per share. This represents a $4.02 dividend on an annualized basis and a yield of 7.77%. The ex-dividend date of this dividend was Thursday, March 13th. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s dividend payout ratio is currently -93.49%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average 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.