Capital World Investors Acquires 752,133 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Capital World Investors lifted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 327.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 981,623 shares of the technology company’s stock after buying an additional 752,133 shares during the period. Capital World Investors owned about 2.07% of Cogent Communications worth $64,129,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. EntryPoint Capital LLC bought a new stake in Cogent Communications in the first quarter valued at approximately $26,000. CANADA LIFE ASSURANCE Co increased its holdings in shares of Cogent Communications by 18.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 45,076 shares of the technology company’s stock worth $2,946,000 after acquiring an additional 7,059 shares during the last quarter. UniSuper Management Pty Ltd bought a new stake in Cogent Communications in the 1st quarter valued at $584,000. Seven Eight Capital LP acquired a new stake in Cogent Communications during the 1st quarter valued at $1,397,000. Finally, Covestor Ltd boosted its position in Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares during the period. Institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CCOI shares. KeyCorp dropped their price objective on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. TD Cowen reduced their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a report on Friday, May 10th. JPMorgan Chase & Co. decreased their target price on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, May 13th. Finally, The Goldman Sachs Group initiated coverage on Cogent Communications in a report on Monday, July 1st. They set a “neutral” rating and a $56.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $73.57.

Insider Buying and Selling at Cogent Communications

In other news, CEO Dave Schaeffer sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $59.44, for a total value of $2,972,000.00. Following the sale, the chief executive officer now directly owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Dave Schaeffer sold 50,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the completion of the transaction, the chief executive officer now directly owns 4,553,038 shares in the company, valued at $270,632,578.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marc Montagner acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were purchased at an average cost of $52.61 per share, for a total transaction of $526,100.00. Following the acquisition, the director now owns 79,468 shares in the company, valued at $4,180,811.48. The disclosure for this purchase can be found here. Insiders have sold a total of 178,440 shares of company stock worth $9,828,016 over the last 90 days. Insiders own 11.40% of the company’s stock.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $68.56 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. The company has a market cap of $3.36 billion, a PE ratio of 2.72 and a beta of 0.41. The company has a 50 day moving average of $58.24 and a 200-day moving average of $65.30. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.00.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share for the quarter, missing the consensus estimate of ($1.10) by ($0.19). The business had revenue of $266.17 million for the quarter, compared to the consensus estimate of $274.13 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. As a group, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.81 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were paid a $0.975 dividend. The ex-dividend date was Wednesday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 annualized dividend and a yield of 5.69%. Cogent Communications’s dividend payout ratio (DPR) is 15.45%.

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.