Allspring Global Investments Holdings LLC Lowers Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Allspring Global Investments Holdings LLC trimmed its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) by 48.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,085 shares of the technology company’s stock after selling 9,576 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cogent Communications were worth $526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James & Associates raised its position in Cogent Communications by 50.3% in the 1st quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock valued at $1,821,000 after purchasing an additional 9,180 shares in the last quarter. Citigroup Inc. raised its position in Cogent Communications by 6.8% in the 1st quarter. Citigroup Inc. now owns 51,289 shares of the technology company’s stock valued at $3,402,000 after purchasing an additional 3,265 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Cogent Communications by 31.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock valued at $264,000 after purchasing an additional 950 shares in the last quarter. MetLife Investment Management LLC raised its position in Cogent Communications by 47.9% in the 1st quarter. MetLife Investment Management LLC now owns 22,270 shares of the technology company’s stock valued at $1,478,000 after purchasing an additional 7,213 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its position in Cogent Communications by 35.5% in the 1st quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock valued at $824,000 after purchasing an additional 3,258 shares in the last quarter. 85.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cogent Communications

In related news, Director Marc Montagner bought 10,000 shares of the stock in a transaction on Wednesday, November 9th. The shares were bought at an average cost of $54.88 per share, for a total transaction of $548,800.00. Following the purchase, the director now owns 71,212 shares of the company’s stock, valued at approximately $3,908,114.56. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Marc Montagner bought 10,000 shares of the stock in a transaction on Wednesday, November 9th. The shares were bought at an average cost of $54.88 per share, for a total transaction of $548,800.00. Following the purchase, the director now owns 71,212 shares of the company’s stock, valued at approximately $3,908,114.56. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP David Allen Kapp sold 600 shares of Cogent Communications stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $58.50, for a total value of $35,100.00. Following the completion of the transaction, the vice president now owns 6,000 shares in the company, valued at $351,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,252 shares of company stock worth $1,636,982. 11.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CCOI has been the topic of a number of analyst reports. StockNews.com initiated coverage on Cogent Communications in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. The Goldman Sachs Group cut their target price on Cogent Communications from $49.00 to $43.00 and set a “sell” rating on the stock in a research report on Monday, November 7th. Royal Bank of Canada cut their target price on Cogent Communications from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 15th. Credit Suisse Group raised their target price on Cogent Communications from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 8th. Finally, Moffett Nathanson raised their target price on Cogent Communications to $93.00 in a research report on Thursday, November 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $65.78.

Cogent Communications Stock Down 1.5 %

CCOI opened at $66.64 on Tuesday. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 138.84, a price-to-earnings-growth ratio of 1.26 and a beta of 0.37. Cogent Communications Holdings, Inc. has a 52 week low of $46.75 and a 52 week high of $72.21. The business’s 50 day moving average is $58.86 and its two-hundred day moving average is $56.89.

Cogent Communications (NASDAQ:CCOIGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.36). The firm had revenue of $150.00 million for the quarter, compared to analyst estimates of $149.71 million. Cogent Communications had a negative return on equity of 4.17% and a net margin of 3.83%. Equities analysts expect that Cogent Communications Holdings, Inc. will post 0.27 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 2nd. Shareholders of record on Friday, November 18th were paid a $0.915 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.91. This represents a $3.66 annualized dividend and a dividend yield of 5.49%. The ex-dividend date was Thursday, November 17th. Cogent Communications’s dividend payout ratio (DPR) is 762.52%.

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.

See Also

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

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