Wealth Enhancement Advisory Services LLC Has $214,000 Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Wealth Enhancement Advisory Services LLC decreased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 50.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,771 shares of the technology company’s stock after selling 2,794 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Cogent Communications were worth $214,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Cogent Communications by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock worth $394,182,000 after acquiring an additional 43,523 shares in the last quarter. Brown Advisory Inc. raised its stake in Cogent Communications by 24.1% during the fourth quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company’s stock worth $146,209,000 after acquiring an additional 368,129 shares in the last quarter. Hood River Capital Management LLC raised its stake in Cogent Communications by 21.8% during the fourth quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company’s stock worth $110,738,000 after acquiring an additional 257,383 shares in the last quarter. DigitalBridge Group Inc. raised its stake in Cogent Communications by 246.0% during the fourth quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company’s stock worth $69,973,000 after acquiring an additional 645,521 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Cogent Communications by 45.7% during the fourth quarter. Ameriprise Financial Inc. now owns 752,158 shares of the technology company’s stock worth $57,961,000 after acquiring an additional 235,842 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

CCOI has been the subject of several research analyst reports. The Goldman Sachs Group lowered their target price on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. UBS Group lowered their price objective on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, Wall Street Zen raised Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $75.75.

Cogent Communications Stock Performance

Cogent Communications stock opened at $46.91 on Tuesday. The business has a 50 day moving average of $50.51 and a 200-day moving average of $65.33. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The company has a market capitalization of $2.31 billion, a P/E ratio of 60.14 and a beta of 0.72.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The firm had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.38) EPS. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 8.61%. The ex-dividend date of this dividend was Thursday, May 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is currently -100.75%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $47.95, for a total transaction of $115,080.00. Following the completion of the sale, the vice president now owns 38,600 shares of the company’s stock, valued at approximately $1,850,870. This represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 70,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $47.11, for a total transaction of $3,297,700.00. Following the sale, the chief executive officer now directly owns 3,356,721 shares of the company’s stock, valued at $158,135,126.31. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 445,500 shares of company stock valued at $21,285,069. 11.40% of the stock is currently owned by company insiders.

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.