15,877 Shares in Cogent Communications Holdings, Inc. $CCOI Purchased by Triton Financial Group Inc

Triton Financial Group Inc acquired a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the 2nd quarter, HoldingsChannel reports. The fund acquired 15,877 shares of the technology company’s stock, valued at approximately $765,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CCOI. Yousif Capital Management LLC raised its holdings in shares of Cogent Communications by 1.4% in the 2nd quarter. Yousif Capital Management LLC now owns 15,815 shares of the technology company’s stock worth $762,000 after purchasing an additional 212 shares during the period. GAMMA Investing LLC grew its holdings in Cogent Communications by 35.4% during the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock valued at $64,000 after purchasing an additional 274 shares during the period. Xponance Inc. increased its position in Cogent Communications by 9.7% in the first quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after buying an additional 308 shares during the last quarter. Covestor Ltd raised its stake in shares of Cogent Communications by 56.3% in the first quarter. Covestor Ltd now owns 1,035 shares of the technology company’s stock valued at $64,000 after buying an additional 373 shares during the period. Finally, Prairieview Wealth Partners LLC lifted its position in shares of Cogent Communications by 3.7% during the 1st quarter. Prairieview Wealth Partners LLC now owns 11,142 shares of the technology company’s stock valued at $683,000 after buying an additional 400 shares during the last quarter. 92.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Sheryl Lynn Kennedy sold 2,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $36.35, for a total value of $72,700.00. Following the transaction, the director owned 10,017 shares of the company’s stock, valued at $364,117.95. This represents a 16.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $36.99, for a total transaction of $88,776.00. Following the sale, the vice president owned 36,200 shares in the company, valued at approximately $1,339,038. This trade represents a 6.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,663,978 shares of company stock worth $82,687,283. Insiders own 11.40% of the company’s stock.

Cogent Communications Stock Performance

Cogent Communications stock opened at $44.35 on Tuesday. Cogent Communications Holdings, Inc. has a 1-year low of $29.61 and a 1-year high of $86.76. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06. The firm has a market capitalization of $2.18 billion, a PE ratio of -9.77 and a beta of 0.77. The firm’s 50 day simple moving average is $38.89 and its 200 day simple moving average is $45.59.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The firm had revenue of $246.25 million for the quarter, compared to analysts’ expectations of $247.79 million. During the same quarter last year, the firm earned ($0.68) earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications announced that its Board of Directors has initiated a stock buyback program on Thursday, August 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were issued a dividend of $1.015 per share. The ex-dividend date of this dividend was Thursday, August 21st. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.06 annualized dividend and a dividend yield of 9.2%. Cogent Communications’s payout ratio is presently -89.43%.

Wall Street Analyst Weigh In

CCOI has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Cogent Communications in a report on Wednesday, October 8th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $40.00 price target (down previously from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. Zacks Research cut shares of Cogent Communications from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Wells Fargo & Company upgraded shares of Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, August 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Cogent Communications in a report on Tuesday, September 2nd. They set a “neutral” rating and a $40.00 target price on the stock. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average target price of $46.60.

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.