State of Alaska Department of Revenue Has $1.43 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

State of Alaska Department of Revenue decreased its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,395 shares of the technology company’s stock after selling 667 shares during the period. State of Alaska Department of Revenue’s holdings in Cogent Communications were worth $1,434,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CCOI shares. UBS Group decreased their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 9th. Wall Street Zen upgraded shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group decreased their price target on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $75.75.

Cogent Communications Stock Down 0.4%

NASDAQ CCOI opened at $49.08 on Wednesday. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a 50-day simple moving average of $49.91 and a 200 day simple moving average of $64.08. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76. The stock has a market cap of $2.42 billion, a PE ratio of -12.24 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 the consensus estimate 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 company had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. During the same quarter in the previous year, the business posted ($1.38) EPS. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. On average, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were paid a dividend of $1.01 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date was Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a yield of 8.23%. Cogent Communications’s dividend payout ratio (DPR) is currently -100.75%.

Insiders Place Their Bets

In other Cogent Communications news, CEO Dave Schaeffer sold 25,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $46.27, for a total transaction of $1,156,750.00. Following the completion of the transaction, the chief executive officer now owns 4,176,721 shares in the company, valued at $193,256,880.67. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the transaction, the chief financial officer now owns 98,000 shares of the company’s stock, 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 sold a total of 445,500 shares of company stock worth $21,285,069 over the last quarter. Company insiders own 10.20% of the company’s stock.

Cogent Communications 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.