Cogent Communications Holdings, Inc. $CCOI Shares Acquired by Cetera Investment Advisers

Cetera Investment Advisers lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 36.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,078 shares of the technology company’s stock after purchasing an additional 1,896 shares during the period. Cetera Investment Advisers’ holdings in Cogent Communications were worth $434,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CCOI. Itau Unibanco Holding S.A. boosted its holdings in shares of Cogent Communications by 58.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after purchasing an additional 229 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock valued at $64,000 after buying an additional 274 shares during the period. Syon Capital LLC purchased a new stake in shares of Cogent Communications during the 4th quarter valued at approximately $214,000. Xponance Inc. raised its position in shares of Cogent Communications by 9.7% during the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock valued at $214,000 after buying an additional 308 shares during the period. Finally, Good Steward Wealth Advisors LLC purchased a new stake in shares of Cogent Communications during the 1st quarter valued at approximately $277,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of the company’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the sale, the chief financial officer owned 98,000 shares of the company’s stock, valued at approximately $4,707,920. This represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO James Bubeck sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $47.50, for a total value of $95,000.00. Following the sale, the executive directly owned 55,142 shares in the company, valued at $2,619,245. This represents a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,105,078 shares of company stock worth $103,810,876 in the last ninety days. 10.20% of the stock is owned by company insiders.

Cogent Communications Stock Up 0.3%

Shares of NASDAQ CCOI opened at $34.25 on Monday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -7.54 and a beta of 0.68. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 52-week low of $29.61 and a 52-week high of $86.76. The business’s 50 day moving average is $46.41 and its two-hundred day moving average is $56.33.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share (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 analysts’ expectations of $247.79 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.68) EPS. Research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications announced that its board has authorized a share repurchase program on Thursday, August 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Thursday, August 21st will be given a $1.015 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.06 dividend on an annualized basis and a yield of 11.9%. Cogent Communications’s dividend payout ratio is presently -88.99%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CCOI shares. UBS Group reduced their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $40.00 price target (down previously from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. The Goldman Sachs Group reduced their price target on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Finally, Citigroup lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $33.00 in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and a consensus target price 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.