SG Americas Securities LLC Sells 322 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SG Americas Securities LLC cut its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 13.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,133 shares of the technology company’s stock after selling 322 shares during the quarter. SG Americas Securities LLC’s holdings in Cogent Communications were worth $162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CCOI. Raymond James & Associates grew its stake in shares of Cogent Communications by 50.3% in the first quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock worth $1,821,000 after purchasing an additional 9,180 shares during the last quarter. Citigroup Inc. grew its stake in shares of Cogent Communications by 6.8% in the first quarter. Citigroup Inc. now owns 51,289 shares of the technology company’s stock worth $3,402,000 after purchasing an additional 3,265 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Cogent Communications by 31.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock worth $264,000 after purchasing an additional 950 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Cogent Communications by 47.9% in the first quarter. MetLife Investment Management LLC now owns 22,270 shares of the technology company’s stock worth $1,478,000 after purchasing an additional 7,213 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its stake in shares of Cogent Communications by 35.5% in the first quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock worth $824,000 after purchasing an additional 3,258 shares during the last quarter. 92.45% of the stock is owned by institutional investors.

Insider Activity

In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the transaction, the executive now directly owns 54,822 shares in the company, valued at approximately $4,200,461.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the transaction, the executive now directly owns 54,822 shares in the company, valued at approximately $4,200,461.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 8,826 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total transaction of $640,326.30. Following the completion of the transaction, the chief executive officer now owns 4,815,764 shares of the company’s stock, valued at $349,383,678.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,320 shares of company stock worth $4,669,997. Insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CCOI. JPMorgan Chase & Co. cut their target price on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th. StockNews.com lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Tuesday, March 12th. TD Cowen raised their price objective on shares of Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. Finally, Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. 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 company’s stock. According to data from MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and an average target price of $77.57.

Cogent Communications Price Performance

CCOI stock opened at $63.03 on Tuesday. The firm has a 50 day moving average price of $69.85 and a 200-day moving average price of $69.43. Cogent Communications Holdings, Inc. has a 52-week low of $57.35 and a 52-week high of $86.00. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 2.36 and a beta of 0.39. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.38 and a current ratio of 1.38.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. The firm had revenue of $272.10 million during the quarter, compared to analyst estimates of $275.82 million. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -3.35 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th were issued a dividend of $0.965 per share. This represents a $3.86 annualized dividend and a dividend yield of 6.12%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, March 14th. Cogent Communications’s dividend payout ratio (DPR) is presently 14.43%.

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.