Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by Ulysses Management LLC

Ulysses Management LLC boosted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 9.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 372,166 shares of the technology company’s stock after acquiring an additional 32,596 shares during the quarter. Cogent Communications accounts for 4.6% of Ulysses Management LLC’s portfolio, making the stock its 6th largest position. Ulysses Management LLC owned about 0.76% of Cogent Communications worth $28,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hillsdale Investment Management Inc. acquired a new stake in shares of Cogent Communications in the fourth quarter valued at $46,000. Itau Unibanco Holding S.A. increased its position in Cogent Communications by 58.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after purchasing an additional 229 shares during the period. Blue Trust Inc. increased its position in Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after purchasing an additional 218 shares during the period. BankPlus Trust Department acquired a new stake in Cogent Communications in the fourth quarter worth about $63,000. Finally, Jones Financial Companies Lllp increased its position in Cogent Communications by 132.1% in the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock worth $67,000 after purchasing an additional 498 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCOI has been the subject of a number of research reports. The Goldman Sachs Group lowered their price objective on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. UBS Group reduced their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Finally, StockNews.com upgraded Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $75.75.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 956 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total transaction of $66,308.16. Following the transaction, the director now owns 18,652 shares of the company’s stock, valued at $1,293,702.72. The trade was a 4.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO James Bubeck sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $71.67, for a total value of $143,340.00. Following the transaction, the executive now directly owns 57,142 shares in the company, valued at $4,095,367.14. This trade represents a 3.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,681 shares of company stock worth $840,878. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Trading Down 1.4%

NASDAQ:CCOI opened at $49.89 on Tuesday. Cogent Communications Holdings, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The stock has a market capitalization of $2.46 billion, a PE ratio of 63.96 and a beta of 0.76. The business’s 50-day simple moving average is $56.73 and its 200-day simple moving average is $70.11.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $250.81 million. During the same quarter last year, the firm earned ($1.38) EPS. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd will be paid a $1.01 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date is Thursday, May 22nd. This represents a $4.04 annualized dividend and a yield of 8.10%. Cogent Communications’s payout ratio is presently -100.75%.

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.