SG Americas Securities LLC Buys Shares of 11,328 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SG Americas Securities LLC bought a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 11,328 shares of the technology company’s stock, valued at approximately $695,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CCOI. Hillsdale Investment Management Inc. acquired a new stake in shares of Cogent Communications in the 4th quarter worth approximately $46,000. Itau Unibanco Holding S.A. lifted its stake in shares of Cogent Communications by 58.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after acquiring an additional 229 shares during the period. BankPlus Trust Department acquired a new stake in shares of Cogent Communications in the 4th quarter worth approximately $63,000. GAMMA Investing LLC lifted its stake in shares of Cogent Communications by 35.4% in the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock worth $64,000 after acquiring an additional 274 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of Cogent Communications by 132.1% in the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock worth $67,000 after acquiring an additional 498 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group reduced their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Wall Street Zen raised shares of Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group cut their target price on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $75.75.

Cogent Communications Stock Up 1.5%

CCOI stock opened at $47.45 on Friday. Cogent Communications Holdings, Inc. has a 12 month low of $43.65 and a 12 month high of $86.76. The firm has a 50 day simple moving average of $50.07 and a 200 day simple moving average of $64.59. The company has a debt-to-equity ratio of 13.89, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market cap of $2.34 billion, a PE ratio of -11.83 and a beta of 0.72.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The firm had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. During the same quarter in the prior year, the firm earned ($1.38) EPS. The firm’s revenue was down 7.2% compared to the same quarter last year. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.51%. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s payout ratio is currently -100.75%.

Insider Activity

In other Cogent Communications news, Director Lewis H. Ferguson sold 1,100 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $47.57, for a total value of $52,327.00. Following the transaction, the director now owns 18,904 shares in the company, valued at approximately $899,263.28. This represents a 5.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the transaction, the chief financial officer now owns 98,000 shares in the company, valued at approximately $4,707,920. This represents a 4.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 445,500 shares of company stock worth $21,285,069 over the last 90 days. 11.40% of the stock is owned by company insiders.

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.