Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by ProShare Advisors LLC

ProShare Advisors LLC boosted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 111,844 shares of the technology company’s stock after buying an additional 7,318 shares during the quarter. ProShare Advisors LLC’s holdings in Cogent Communications were worth $8,620,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CCOI. Vanguard Group Inc. raised its stake in shares of Cogent Communications by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock valued at $394,182,000 after buying an additional 43,523 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Cogent Communications by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock worth $39,255,000 after acquiring an additional 11,858 shares during the period. Alliancebernstein L.P. raised its position in Cogent Communications by 0.6% during the fourth quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company’s stock valued at $4,067,000 after acquiring an additional 327 shares in the last quarter. Norges Bank acquired a new position in Cogent Communications in the fourth quarter valued at approximately $4,994,000. Finally, Principal Financial Group Inc. lifted its holdings in Cogent Communications by 3.1% in the fourth quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company’s stock valued at $15,892,000 after acquiring an additional 6,235 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

CCOI has been the topic of a number of analyst reports. StockNews.com raised shares of Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. UBS Group dropped their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Finally, The Goldman Sachs Group cut their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $75.75.

Cogent Communications Price Performance

Cogent Communications stock opened at $50.59 on Friday. The stock has a market capitalization of $2.50 billion, a P/E ratio of 64.86 and a beta of 0.76. The company’s fifty day moving average price is $57.13 and its 200 day moving average price is $70.40. 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 1 year low of $45.00 and a 1 year high of $86.76.

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

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders 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 7.99%. The ex-dividend date is Thursday, May 22nd. Cogent Communications’s payout ratio is -100.75%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Friday, March 7th. The shares were sold at an average price of $72.57, for a total transaction of $174,168.00. Following the sale, the vice president now owns 41,000 shares of the company’s stock, valued at $2,975,370. The trade was a 5.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lewis H. Ferguson sold 956 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the transaction, the director now directly owns 18,652 shares in the company, valued at approximately $1,293,702.72. This represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,681 shares of company stock valued at $840,878 over the last quarter. 11.40% of the stock is currently owned by insiders.

Cogent Communications Company 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.