Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 37,345 shares of the technology company’s stock after purchasing an additional 1,579 shares during the period. New York State Common Retirement Fund’s holdings in Cogent Communications were worth $2,840,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 71.1% in the 3rd quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock valued at $60,910,000 after purchasing an additional 409,000 shares during the last quarter. FMR LLC lifted its holdings in shares of Cogent Communications by 58.9% during the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after purchasing an additional 263,313 shares during the period. Jennison Associates LLC grew its position in Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock valued at $63,028,000 after buying an additional 263,276 shares during the last quarter. Global Alpha Capital Management Ltd. acquired a new position in Cogent Communications in the 3rd quarter valued at $14,447,000. Finally, Ceredex Value Advisors LLC acquired a new position in Cogent Communications in the 4th quarter valued at $10,424,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $63.65 on Tuesday. The stock has a market cap of $3.02 billion, a PE ratio of 2.38 and a beta of 0.39. The business’s fifty day moving average price is $66.41 and its two-hundred day moving average price is $69.53. Cogent Communications Holdings, Inc. has a one year low of $57.35 and a one year high of $86.00. 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 issued its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.79. The business had revenue of $272.10 million during the quarter, compared to the consensus estimate of $275.82 million. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. On average, 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 declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were issued a $0.965 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 annualized dividend and a yield of 6.06%. Cogent Communications’s payout ratio is 14.43%.

Insiders Place Their Bets

In other news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the sale, the executive now owns 54,822 shares of the company’s stock, valued at $4,200,461.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CRO James Bubeck sold 1,920 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $76.62, for a total transaction of $147,110.40. Following 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 legal filing with the SEC, which is available at this hyperlink. Also, CEO Dave Schaeffer sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the completion of the sale, the chief executive officer now owns 4,679,377 shares of the company’s stock, valued at $315,951,535.04. The disclosure for this sale can be found here. Insiders have sold a total of 69,320 shares of company stock valued at $4,669,997 in the last quarter. 11.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. KeyCorp raised their price objective on shares of Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. TD Cowen boosted their target price on Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. cut their price target on shares of Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th. Finally, StockNews.com downgraded shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $77.57.

About Cogent Communications

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.