Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC cut its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) by 49.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,205 shares of the technology company’s stock after selling 17,765 shares during the quarter. SG Americas Securities LLC’s holdings in Cogent Communications were worth $950,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. State of New Jersey Common Pension Fund D grew its stake in shares of Cogent Communications by 7.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 43,629 shares of the technology company’s stock valued at $2,276,000 after buying an additional 3,142 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Cogent Communications by 20.4% in the third quarter. Van ECK Associates Corp now owns 8,831 shares of the technology company’s stock valued at $460,000 after buying an additional 1,498 shares in the last quarter. CWM LLC grew its stake in shares of Cogent Communications by 862.5% in the third quarter. CWM LLC now owns 616 shares of the technology company’s stock valued at $32,000 after buying an additional 552 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Cogent Communications by 2.3% in the third quarter. Janney Montgomery Scott LLC now owns 19,520 shares of the technology company’s stock valued at $1,018,000 after buying an additional 448 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Cogent Communications by 66.4% during the 3rd quarter. Fifth Third Bancorp now owns 890 shares of the technology company’s stock worth $46,000 after purchasing an additional 355 shares in the last quarter. 85.15% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

Cogent Communications stock opened at $66.44 on Thursday. Cogent Communications Holdings, Inc. has a fifty-two week low of $46.75 and a fifty-two week high of $72.21. The company has a market capitalization of $3.19 billion, a P/E ratio of 138.42, a PEG ratio of 1.21 and a beta of 0.37. The stock has a 50-day simple moving average of $58.27 and a 200-day simple moving average of $56.78.

Cogent Communications (NASDAQ:CCOIGet Rating) last posted its earnings results on Thursday, November 3rd. The technology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.36). Cogent Communications had a net margin of 3.83% and a negative return on equity of 4.17%. The firm had revenue of $150.00 million during the quarter, compared to analysts’ expectations of $149.71 million. As a group, analysts forecast that Cogent Communications Holdings, Inc. will post 0.27 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were given a $0.915 dividend. This represents a $3.66 annualized dividend and a yield of 5.51%. The ex-dividend date of this dividend was Thursday, November 17th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.91. Cogent Communications’s payout ratio is 762.52%.

Insider Activity at Cogent Communications

In related news, Director Marc Montagner purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were purchased at an average price of $54.88 per share, for a total transaction of $548,800.00. Following the transaction, the director now directly owns 71,212 shares of the company’s stock, valued at approximately $3,908,114.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cogent Communications news, VP Raymond B. Kummer sold 4,800 shares of the business’s stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $58.01, for a total transaction of $278,448.00. Following the transaction, the vice president now owns 50,400 shares in the company, valued at approximately $2,923,704. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marc Montagner bought 10,000 shares of the company’s stock in a transaction on Wednesday, November 9th. The shares were acquired at an average price of $54.88 per share, for a total transaction of $548,800.00. Following the transaction, the director now directly owns 71,212 shares in the company, valued at approximately $3,908,114.56. The disclosure for this purchase can be found here. Insiders have sold 28,252 shares of company stock worth $1,636,982 in the last quarter. Company insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. StockNews.com assumed coverage on Cogent Communications in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Moffett Nathanson boosted their target price on Cogent Communications to $93.00 in a research note on Thursday, November 17th. KeyCorp boosted their target price on Cogent Communications from $64.00 to $71.00 in a research note on Tuesday. Wells Fargo & Company lowered their target price on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating for the company in a research note on Friday, November 4th. Finally, Credit Suisse Group lifted their price target on Cogent Communications from $56.00 to $57.00 and gave the stock a “neutral” rating in a report on Tuesday, November 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and an average target price of $65.78.

About Cogent Communications

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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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