Edgestream Partners L.P. Sells 34,283 Shares of Cogent Communications Holdings, Inc. $CCOI

Edgestream Partners L.P. lowered its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 29.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,940 shares of the technology company’s stock after selling 34,283 shares during the period. Edgestream Partners L.P. owned approximately 0.16% of Cogent Communications worth $3,902,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. AlphaQuest LLC acquired a new stake in shares of Cogent Communications in the 1st quarter valued at approximately $36,000. Farther Finance Advisors LLC grew its holdings in Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after purchasing an additional 554 shares during the period. Resources Management Corp CT ADV bought a new stake in Cogent Communications in the first quarter valued at approximately $48,000. Atlantic Union Bankshares Corp acquired a new stake in Cogent Communications in the second quarter worth $40,000. Finally, Byrne Asset Management LLC bought a new position in shares of Cogent Communications during the second quarter worth $41,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Down 2.0%

NASDAQ:CCOI opened at $19.59 on Thursday. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. The company has a market cap of $962.26 million, a PE ratio of -4.80 and a beta of 0.83. Cogent Communications Holdings, Inc. has a 52-week low of $15.96 and a 52-week high of $84.06. The stock has a 50-day simple moving average of $32.88 and a 200 day simple moving average of $40.05.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative return on equity of 208.70% and a negative net margin of 19.72%.The firm had revenue of $241.95 million for the quarter, compared to analysts’ expectations of $246.13 million. During the same quarter in the previous year, the business posted ($1.33) EPS. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Investors of record on Friday, November 21st will be issued a dividend of $0.02 per share. The ex-dividend date is Friday, November 21st. This represents a $0.08 annualized dividend and a yield of 0.4%. Cogent Communications’s dividend payout ratio is presently -1.96%.

Cogent Communications declared that its Board of Directors has approved a stock repurchase plan on Thursday, August 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on CCOI shares. KeyCorp lowered their price objective on shares of Cogent Communications from $65.00 to $30.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. UBS Group restated a “neutral” rating and issued a $27.00 price target (down from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $27.00 price target (down previously from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. Citigroup decreased their price objective on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Finally, Royal Bank Of Canada dropped their target price on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a report on Thursday, November 13th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $25.71.

Insider Activity at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the transaction, the vice president directly owned 36,200 shares in the company, valued at $1,339,038. This represents a 6.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the transaction, the director owned 19,267 shares of the company’s stock, valued at $391,890.78. The trade was a 17.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 8,800 shares of company stock valued at $221,352. Corporate 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.