Cogent Communications Holdings, Inc. $CCOI Stake Boosted by CPC Advisors LLC

CPC Advisors LLC boosted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 188.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,218 shares of the technology company’s stock after buying an additional 34,145 shares during the period. CPC Advisors LLC’s holdings in Cogent Communications were worth $2,003,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CCOI. Farther Finance Advisors LLC raised its holdings in shares of Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after acquiring an additional 554 shares during the period. Atlantic Union Bankshares Corp acquired a new position in Cogent Communications in the 2nd quarter worth approximately $40,000. Byrne Asset Management LLC purchased a new position in Cogent Communications during the 2nd quarter worth approximately $41,000. Headlands Technologies LLC acquired a new stake in Cogent Communications during the 2nd quarter valued at $98,000. Finally, Strs Ohio purchased a new stake in shares of Cogent Communications in the first quarter valued at $104,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCOI has been the topic of several recent analyst reports. Royal Bank Of Canada dropped their price target on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 13th. Zacks Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. The Goldman Sachs Group dropped their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. UBS Group reissued a “neutral” rating and issued a $27.00 price target (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Finally, Citigroup lowered their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.71.

Cogent Communications Stock Up 1.5%

CCOI opened at $23.28 on Tuesday. The company has a market capitalization of $1.14 billion, a PE ratio of -5.71 and a beta of 0.81. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.02 and a quick ratio of 2.02. Cogent Communications Holdings, Inc. has a fifty-two week low of $15.96 and a fifty-two week high of $84.06. The business has a 50-day moving average of $21.56 and a 200-day moving average of $34.93.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. The firm had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative return on equity of 208.70% and a negative net margin of 19.72%.The firm’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.33) earnings per share. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 8th. Stockholders of record on Friday, November 21st were issued a dividend of $0.02 per share. The ex-dividend date was Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.3%. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 2,400 shares of Cogent Communications stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the sale, the director owned 10,012 shares of the company’s stock, valued at approximately $213,656.08. The trade was a 19.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lewis H. Ferguson sold 4,000 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the transaction, the director directly owned 19,267 shares in the company, valued at $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 10.20% of the stock is currently owned by insiders.

Cogent Communications Company Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.