Ellevest Inc. Acquires New Shares in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Ellevest Inc. acquired a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,830 shares of the technology company’s stock, valued at approximately $372,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Deutsche Bank AG boosted its position in shares of Cogent Communications by 29.5% during the 4th quarter. Deutsche Bank AG now owns 57,723 shares of the technology company’s stock worth $4,449,000 after purchasing an additional 13,160 shares during the period. DigitalBridge Group Inc. boosted its position in shares of Cogent Communications by 246.0% during the fourth quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company’s stock worth $69,973,000 after buying an additional 645,521 shares during the period. Brown Advisory Inc. grew its stake in shares of Cogent Communications by 24.1% in the fourth quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company’s stock valued at $146,209,000 after buying an additional 368,129 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in Cogent Communications during the 4th quarter worth about $479,000. Finally, Beaconlight Capital LLC boosted its holdings in Cogent Communications by 17.2% during the 4th quarter. Beaconlight Capital LLC now owns 337,793 shares of the technology company’s stock valued at $26,034,000 after acquiring an additional 49,569 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCOI. The Goldman Sachs Group cut their price target on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday. StockNews.com upgraded shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Finally, UBS Group dropped their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $75.75.

Insiders Place Their Bets

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,425 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the sale, the director now directly owns 10,147 shares in the company, valued at approximately $740,325.12. The trade was a 12.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company’s stock in a transaction 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 $7,422,180. This trade represents 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 Down 0.8 %

Cogent Communications stock opened at $48.93 on Friday. The stock’s fifty day moving average is $59.10 and its two-hundred day moving average is $71.48. The stock has a market cap of $2.42 billion, a PE ratio of 62.73 and a beta of 0.76. Cogent Communications Holdings, Inc. has a 1-year low of $45.00 and a 1-year high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The business had revenue of $247.05 million during the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period last year, the company earned ($1.38) earnings per share. On average, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Thursday, May 22nd will be paid a dividend of $1.01 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a yield of 8.26%. The ex-dividend date of this dividend is Thursday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is currently -93.49%.

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.