KLP Kapitalforvaltning AS Buys 1,100 Shares of Cogent Communications Holdings, Inc. $CCOI

KLP Kapitalforvaltning AS increased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 12.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 10,300 shares of the technology company’s stock after purchasing an additional 1,100 shares during the period. KLP Kapitalforvaltning AS’s holdings in Cogent Communications were worth $497,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CCOI. GAMMA Investing LLC raised its holdings in Cogent Communications by 35.4% in the 1st 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 in the last quarter. Xponance Inc. raised its holdings in shares of Cogent Communications by 9.7% in the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after buying an additional 308 shares in the last quarter. Covestor Ltd raised its holdings in shares of Cogent Communications by 56.3% in the 1st quarter. Covestor Ltd now owns 1,035 shares of the technology company’s stock worth $64,000 after buying an additional 373 shares in the last quarter. Prairieview Wealth Partners LLC raised its holdings in shares of Cogent Communications by 3.7% in the 1st quarter. Prairieview Wealth Partners LLC now owns 11,142 shares of the technology company’s stock worth $683,000 after buying an additional 400 shares in the last quarter. Finally, TradeLink Capital LLC grew its position in Cogent Communications by 14.4% during the 1st quarter. TradeLink Capital LLC now owns 3,498 shares of the technology company’s stock worth $214,000 after acquiring an additional 440 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

CCOI has been the topic of a number of research analyst reports. Zacks Research lowered Cogent Communications from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. The Goldman Sachs Group started coverage on Cogent Communications in a research report on Tuesday, September 2nd. They issued a “neutral” rating and a $40.00 price objective on the stock. Citigroup lowered Cogent Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $33.00 in a research report on Tuesday, August 12th. Weiss Ratings restated a “sell (d)” rating on shares of Cogent Communications in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $40.00 price target (down from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and an average target price of $46.60.

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 1,840,669 shares of Cogent Communications stock in a transaction dated 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 owned 1,516,052 shares in the company, valued at approximately $49,423,295.20. This trade represents a 54.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $36.99, for a total value of $88,776.00. Following the sale, the vice president owned 36,200 shares of the company’s stock, valued at approximately $1,339,038. This represents a 6.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,663,978 shares of company stock worth $82,687,283. Company insiders own 11.40% of the company’s stock.

Cogent Communications Stock Performance

CCOI opened at $43.45 on Friday. The business’s 50-day moving average price is $38.65 and its two-hundred day moving average price is $45.78. Cogent Communications Holdings, Inc. has a 1 year low of $29.61 and a 1 year high of $86.76. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -9.57 and a beta of 0.77. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.31 and a quick ratio of 2.31.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the business earned ($0.68) EPS. Equities analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Thursday, August 21st were given a $1.015 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.06 dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date of this dividend was Thursday, August 21st. Cogent Communications’s dividend payout ratio (DPR) is presently -89.43%.

Cogent Communications announced that its Board of Directors has initiated a share buyback 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 usually a sign that the company’s board of directors believes its stock is undervalued.

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.