Allspring Global Investments Holdings LLC Has $248,000 Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Allspring Global Investments Holdings LLC lessened its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 31.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,268 shares of the technology company’s stock after selling 1,466 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cogent Communications were worth $248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vest Financial LLC acquired a new stake in shares of Cogent Communications in the third quarter valued at about $207,000. Blue Trust Inc. increased its stake in shares of Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after buying an additional 272 shares during the period. Inspire Advisors LLC increased its stake in shares of Cogent Communications by 11.4% in the third quarter. Inspire Advisors LLC now owns 29,349 shares of the technology company’s stock valued at $2,228,000 after buying an additional 2,995 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Cogent Communications by 5.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,984 shares of the technology company’s stock valued at $378,000 after buying an additional 262 shares during the period. Finally, Creative Planning increased its stake in shares of Cogent Communications by 40.1% in the third quarter. Creative Planning now owns 17,618 shares of the technology company’s stock valued at $1,338,000 after buying an additional 5,043 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CCOI shares. Citigroup increased their price target on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. TD Cowen increased their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. KeyCorp increased their price target on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their target price on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $77.14.

Insiders Place Their Bets

In other news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the transaction, the director now owns 17,748 shares in the company, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the transaction, the director now owns 17,748 shares in the company, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the sale, the chief executive officer now owns 4,373,038 shares in the company, valued at $318,444,627.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,870 shares of company stock worth $4,716,057. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Stock Up 1.7 %

Shares of NASDAQ:CCOI opened at $81.61 on Monday. The business’s 50 day simple moving average is $76.19 and its two-hundred day simple moving average is $66.96. The firm has a market cap of $4.00 billion, a P/E ratio of 89.69 and a beta of 0.40. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.00.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.27) by $0.59. The business had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.13) earnings per share. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a $0.985 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.94 annualized dividend and a yield of 4.83%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio is presently 432.97%.

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.