Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Swiss National Bank

Swiss National Bank reduced its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,100 shares of the technology company’s stock after selling 700 shares during the quarter. Swiss National Bank’s holdings in Cogent Communications were worth $6,537,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. EdgePoint Investment Group Inc. grew its stake in Cogent Communications by 46.2% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after buying an additional 485,628 shares during the last quarter. Harspring Capital Management LLC boosted its holdings in Cogent Communications by 6.0% in the second quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after acquiring an additional 66,500 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Cogent Communications by 0.4% during the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock worth $78,916,000 after acquiring an additional 4,197 shares during the last quarter. Hood River Capital Management LLC increased its holdings in shares of Cogent Communications by 18.9% during the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after acquiring an additional 138,680 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its position in shares of Cogent Communications by 16.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after purchasing an additional 105,164 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,350 shares of Cogent Communications stock in a transaction on Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the sale, the director now owns 10,318 shares of the company’s stock, valued at approximately $831,424.44. This trade represents a 11.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John B. Chang sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,016 shares of company stock valued at $1,116,135. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Stock Down 0.6 %

Shares of CCOI opened at $82.50 on Wednesday. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 105.77 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The stock’s 50-day moving average price is $79.45 and its 200-day moving average price is $68.96. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.13) EPS. On average, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.82%. The ex-dividend date is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio (DPR) is currently 510.26%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CCOI shares. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. upped their target price on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. TD Cowen lifted their price target on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. KeyCorp increased their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Company 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.