Cambridge Investment Research Advisors Inc. Decreases Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Cambridge Investment Research Advisors Inc. decreased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 11.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,367 shares of the technology company’s stock after selling 416 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Cogent Communications were worth $206,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CCOI. Jones Financial Companies Lllp grew its stake in Cogent Communications by 132.1% during the 4th 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 in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Cogent Communications during the 4th quarter worth approximately $3,000,000. Swiss National Bank grew its position in shares of Cogent Communications by 6.4% in the fourth quarter. Swiss National Bank now owns 91,600 shares of the technology company’s stock valued at $7,060,000 after purchasing an additional 5,500 shares in the last quarter. Madison Investment Advisors LLC acquired a new stake in shares of Cogent Communications in the fourth quarter valued at approximately $6,332,000. Finally, Frank Rimerman Advisors LLC purchased a new position in Cogent Communications during the fourth quarter worth approximately $320,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on CCOI shares. The Goldman Sachs Group dropped their target price on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, May 9th. UBS Group dropped their price objective 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. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and a consensus target price of $75.75.

Insider Buying and Selling

In other news, CRO James Bubeck sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $47.50, for a total transaction of $95,000.00. Following the completion of the transaction, the executive directly owned 55,142 shares in the company, valued at $2,619,245. This trade represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total value of $235,396.00. Following the completion of the sale, the chief financial officer owned 98,000 shares in the company, valued at $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 valued at $21,285,069 over the last quarter. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $50.45 on Tuesday. The business’s fifty day simple moving average is $48.88 and its 200-day simple moving average is $61.59. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89. The firm has a market cap of $2.49 billion, a PE ratio of -12.58 and a beta of 0.73. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced 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). The company had revenue of $247.05 million for the quarter, compared to analysts’ expectations of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period last year, the business earned ($1.38) EPS. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were issued a $1.01 dividend. This represents a $4.04 annualized dividend and a yield of 8.01%. The ex-dividend date was Thursday, May 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio (DPR) is -100.75%.

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.