60,000 Shares in Cogent Communications Holdings, Inc. $CCOI Purchased by Arvin Capital Management LP

Arvin Capital Management LP bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 60,000 shares of the technology company’s stock, valued at approximately $2,301,000. Cogent Communications makes up about 0.4% of Arvin Capital Management LP’s investment portfolio, making the stock its 28th largest position. Arvin Capital Management LP owned about 0.12% of Cogent Communications at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new position in shares of Cogent Communications during the second quarter valued at approximately $40,000. Farther Finance Advisors LLC raised its holdings in Cogent Communications by 80.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock valued at $51,000 after acquiring an additional 596 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Cogent Communications by 333.7% during the 3rd quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,198 shares during the period. Strs Ohio acquired a new stake in shares of Cogent Communications during the first quarter worth $104,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Cogent Communications in the second quarter valued at $98,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CCOI shares. TD Cowen reissued a “buy” rating on shares of Cogent Communications in a research note on Monday, February 23rd. Oppenheimer dropped their price objective on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Wells Fargo & Company reissued an “equal weight” rating and issued a $27.00 target price (down from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. KeyCorp dropped their price target on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday, February 23rd. Finally, The Goldman Sachs Group cut their price target on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.22.

Cogent Communications Stock Down 2.5%

Shares of NASDAQ:CCOI opened at $21.63 on Wednesday. The stock has a 50-day simple moving average of $23.02 and a 200-day simple moving average of $29.27. The stock has a market capitalization of $1.08 billion, a P/E ratio of -5.68 and a beta of 0.84. Cogent Communications Holdings, Inc. has a 1 year low of $15.96 and a 1 year high of $72.80. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.04 and a current ratio of 2.04.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.45. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The firm had revenue of $240.52 million for the quarter, compared to analysts’ expectations of $243.82 million. During the same period in the previous year, the company posted ($0.91) earnings per share. Cogent Communications’s revenue was down 4.7% compared to the same quarter last year. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, March 6th. Cogent Communications’s dividend payout ratio is currently -2.10%.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.