Shellback Capital LP Acquires Shares of 120,089 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Shellback Capital LP purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 120,089 shares of the technology company’s stock, valued at approximately $9,255,000. Shellback Capital LP owned approximately 0.24% of Cogent Communications at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CCOI. Vanguard Group Inc. lifted its position in shares of Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock worth $394,182,000 after buying an additional 43,523 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Cogent Communications by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock worth $39,255,000 after buying an additional 11,858 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Cogent Communications by 0.6% during the fourth quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company’s stock worth $4,067,000 after buying an additional 327 shares during the last quarter. Norges Bank acquired a new position in shares of Cogent Communications in the 4th quarter valued at $4,994,000. Finally, Principal Financial Group Inc. lifted its stake in Cogent Communications by 3.1% in the fourth quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company’s stock valued at $15,892,000 after buying an additional 6,235 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CCOI. StockNews.com raised shares of Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. The Goldman Sachs Group lowered their target price on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, UBS Group decreased their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.75.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $50.41 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market capitalization of $2.49 billion, a P/E ratio of 64.63 and a beta of 0.76. The business’s fifty day simple moving average is $57.51 and its 200 day simple moving average is $70.70. Cogent Communications Holdings, Inc. has a 12 month low of $45.00 and a 12 month high of $86.76.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.04). Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $247.05 million during the quarter, compared to analysts’ expectations of $250.81 million. During the same period in the previous year, the business earned ($1.38) EPS. The business’s revenue was down 7.2% on a year-over-year basis. As a group, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.01%. The ex-dividend date of this dividend is Thursday, May 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s payout ratio is -100.75%.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,425 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the sale, the director now owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. The trade was a 12.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Friday, March 7th. The shares were sold at an average price of $72.57, for a total transaction of $174,168.00. Following the transaction, the vice president now owns 41,000 shares in the company, valued at approximately $2,975,370. This trade represents a 5.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,681 shares of company stock valued at $840,878 in the last 90 days. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Company 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.