Cogent Communications Holdings, Inc. $CCOI Stock Position Increased by Magnolia Group LLC

Magnolia Group LLC boosted its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,290,204 shares of the technology company’s stock after buying an additional 43,867 shares during the quarter. Cogent Communications makes up 4.5% of Magnolia Group LLC’s holdings, making the stock its 6th biggest position. Magnolia Group LLC owned about 2.58% of Cogent Communications worth $24,307,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Cogent Communications by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after acquiring an additional 217,450 shares in the last quarter. Turtle Creek Asset Management Inc. increased its stake in shares of Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after purchasing an additional 1,811,222 shares in the last quarter. State Street Corp increased its stake in shares of Cogent Communications by 6.8% in the 4th quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock valued at $44,632,000 after purchasing an additional 132,454 shares in the last quarter. Park West Asset Management LLC acquired a new position in Cogent Communications in the 4th quarter worth about $30,380,000. Finally, Invesco Ltd. raised its holdings in Cogent Communications by 39.8% in the 3rd quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock worth $53,790,000 after purchasing an additional 399,339 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

CCOI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $22.00 price target on shares of Cogent Communications in a research report on Friday, May 29th. UBS Group reduced their target price on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Royal Bank Of Canada decreased their target price on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 6th. Citigroup dropped their price target on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. Finally, TD Cowen reissued a “buy” rating on shares of Cogent Communications in a report on Monday, June 22nd. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $24.90.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the transaction, the chief financial officer owned 197,900 shares in the company, valued at approximately $3,322,741. This trade represents a 2.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the sale, the vice president directly owned 38,600 shares in the company, valued at approximately $656,586. This trade represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. 4.20% of the stock is currently owned by corporate insiders.

Cogent Communications Trading Down 9.0%

CCOI stock opened at $12.99 on Friday. Cogent Communications Holdings, Inc. has a 12-month low of $12.33 and a 12-month high of $54.37. The business’s 50-day moving average is $17.28 and its 200 day moving average is $20.34. The stock has a market cap of $650.54 million, a price-to-earnings ratio of -3.66 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.09) earnings per share. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio is currently -2.25%.

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.