Cetera Investment Advisers Purchases 1,896 Shares of Cogent Communications Holdings, Inc. $CCOI

Cetera Investment Advisers lifted its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 36.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,078 shares of the technology company’s stock after buying an additional 1,896 shares during the quarter. Cetera Investment Advisers’ holdings in Cogent Communications were worth $434,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Tabor Asset Management LP bought a new stake in shares of Cogent Communications in the 1st quarter valued at approximately $1,792,000. Hussman Strategic Advisors Inc. bought a new stake in Cogent Communications during the first quarter worth approximately $1,288,000. SBI Securities Co. Ltd. boosted its position in Cogent Communications by 9.4% during the first quarter. SBI Securities Co. Ltd. now owns 5,702 shares of the technology company’s stock worth $350,000 after purchasing an additional 488 shares during the period. Edgestream Partners L.P. boosted its position in Cogent Communications by 30.1% during the first quarter. Edgestream Partners L.P. now owns 115,223 shares of the technology company’s stock worth $7,064,000 after purchasing an additional 26,673 shares during the period. Finally, Xponance Inc. boosted its position in Cogent Communications by 9.7% during the first quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after purchasing an additional 308 shares during the period. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Up 0.3%

Shares of CCOI stock opened at $34.25 on Monday. The stock has a 50 day moving average of $46.41 and a 200-day moving average of $56.33. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. The firm has a market cap of $1.68 billion, a PE ratio of -7.54 and a beta of 0.68. Cogent Communications Holdings, Inc. has a 12 month low of $29.61 and a 12 month high of $86.76.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, August 7th. The technology company reported ($1.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). The firm had revenue of $246.25 million during the quarter, compared to analyst estimates of $247.79 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.68) earnings per share. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications declared that its board has initiated a stock repurchase program on Thursday, August 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Thursday, August 21st will be paid a dividend of $1.015 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.06 annualized dividend and a yield of 11.9%. The ex-dividend date is Thursday, August 21st. Cogent Communications’s dividend payout ratio is currently -88.99%.

Insider Transactions at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 1,840,669 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $32.60, for a total transaction of $60,005,809.40. Following the completion of the transaction, the chief executive officer directly owned 1,516,052 shares in the company, valued at $49,423,295.20. This represents a 54.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 3,105,078 shares of company stock worth $103,810,876 in the last three months. Corporate insiders own 10.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CCOI. UBS Group decreased their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $40.00 target price (down previously from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. Citigroup cut Cogent Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $33.00 in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group decreased their target price on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $60.83.

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.