FourWorld Capital Management LLC Acquires Shares of 265,500 Cogent Communications Holdings, Inc. $CCOI

FourWorld Capital Management LLC bought a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 265,500 shares of the technology company’s stock, valued at approximately $5,002,000. Cogent Communications comprises approximately 2.6% of FourWorld Capital Management LLC’s holdings, making the stock its 6th largest holding.

A number of other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC purchased a new position in Cogent Communications in the 1st quarter worth approximately $202,000. Goldman Sachs Group Inc. lifted its position in Cogent Communications by 26.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock valued at $29,215,000 after acquiring an additional 100,969 shares in the last quarter. Empowered Funds LLC boosted its stake in Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after purchasing an additional 510 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cogent Communications by 23.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock valued at $9,919,000 after purchasing an additional 30,630 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Cogent Communications in the 1st quarter worth $104,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $11.87 on Monday. The firm has a market cap of $594.45 million, a PE ratio of -3.34 and a beta of 0.80. The stock has a 50 day moving average of $14.93 and a 200 day moving average of $19.26. Cogent Communications Holdings, Inc. has a 12 month low of $10.93 and a 12 month high of $49.38.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.20. The business had revenue of $239.19 million for 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 company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.09) EPS. As a group, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, May 18th. Cogent Communications’s payout ratio is -2.25%.

Insiders Place Their Bets

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president owned 38,600 shares of the company’s stock, valued at $656,586. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 $3,322,741. The trade was a 2.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is owned by insiders.

Key Cogent Communications News

Here are the key news stories impacting Cogent Communications this week:

• Positive Sentiment: Shares could eventually benefit if the lawsuits are dismissed or resolved without major financial impact, reducing legal overhang. CCOI Investors Have Opportunity to Lead Cogent Communications Holdings, Inc. Securities Fraud Lawsuit with the Schall Law Firm
• Neutral Sentiment: Analysts’ FY2028 earnings forecasts were also mentioned, but no specific estimate details were provided in the available snippet, so the stock impact is unclear. Equities Analysts Offer Predictions for CCOI FY2028 Earnings
• Negative Sentiment: Multiple law firms announced or reminded investors about class action lawsuits covering Cogent shares bought between Feb. 29, 2024 and May 1-2, 2026, increasing legal uncertainty and sentiment pressure on the stock. Rosen Law Firm Urges Cogent Communications Holdings, Inc. (NASDAQ: CCOI) Stockholders with Large Losses to Contact the Firm for Information About Their Rights
• Negative Sentiment: Additional alerts repeated allegations of securities fraud tied to alleged undisclosed demand and backlog problems, suggesting the prior stock drop may have been driven by weaker-than-expected business trends and disclosure concerns. Cogent Communications Holdings Securities Fraud Class Action Result of Undisclosed Demand and Backlog Issues and approximately 29% Stock Decline
• Negative Sentiment: Several other firms, including Robbins LLP, Kaplan Fox, BFA Law, and KSF, issued similar class-action notices and lead-plaintiff reminders, reinforcing the negative news flow around CCOI. Investor Notice: Robbins LLP Informs Investors of the Cogent Communications Holdings, Inc. Class Action Lawsuit

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CCOI. Wells Fargo & Company lowered their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Citigroup decreased their price objective on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 19th. Weiss Ratings downgraded shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Royal Bank Of Canada cut their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 6th. Finally, UBS Group decreased their price target on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $24.90.

About Cogent Communications

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.