Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Ceredex Value Advisors LLC

Ceredex Value Advisors LLC reduced its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 11.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 189,714 shares of the technology company’s stock after selling 24,100 shares during the period. Ceredex Value Advisors LLC owned approximately 0.39% of Cogent Communications worth $14,403,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of CCOI. EdgePoint Investment Group Inc. grew its holdings in shares of Cogent Communications by 46.2% during the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after buying an additional 485,628 shares during the last quarter. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 6.0% in the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after purchasing an additional 66,500 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Cogent Communications by 2,739.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock valued at $58,430,000 after purchasing an additional 998,796 shares during the period. Capital World Investors raised its stake in shares of Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after purchasing an additional 752,133 shares during the last quarter. Finally, Hood River Capital Management LLC lifted its holdings in shares of Cogent Communications by 18.9% during the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after purchasing an additional 138,680 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cogent Communications news, VP John B. Chang sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the transaction, the executive now directly owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 64,870 shares of company stock valued at $4,716,057. Company insiders own 11.40% of the company’s stock.

Cogent Communications Stock Performance

Cogent Communications stock opened at $81.62 on Friday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The stock has a fifty day moving average of $76.19 and a two-hundred day moving average of $66.93. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 89.69 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The firm had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. During the same quarter in the previous year, the company posted ($0.13) EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a dividend of $0.985 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.94 dividend on an annualized basis and a yield of 4.83%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio (DPR) is 432.97%.

Analyst Ratings Changes

A number of brokerages have commented on CCOI. Royal Bank of Canada restated an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. TD Cowen raised their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. The Goldman Sachs Group raised their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Finally, Citigroup upped their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.14.

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.