Y Intercept Hong Kong Ltd Has $2.52 Million Stock Position in Cogent Communications Holdings, Inc. $CCOI

Y Intercept Hong Kong Ltd lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 363.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 52,355 shares of the technology company’s stock after purchasing an additional 41,054 shares during the quarter. Y Intercept Hong Kong Ltd owned 0.11% of Cogent Communications worth $2,524,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. AlphaQuest LLC acquired a new stake in shares of Cogent Communications during the 1st quarter worth $36,000. Farther Finance Advisors LLC boosted its stake in Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after buying an additional 554 shares in the last quarter. Resources Management Corp CT ADV acquired a new stake in Cogent Communications in the first quarter valued at about $48,000. Byrne Asset Management LLC acquired a new stake in Cogent Communications in the second quarter valued at about $41,000. Finally, SVB Wealth LLC acquired a new stake in Cogent Communications in the first quarter valued at about $58,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CCOI shares. Wells Fargo & Company raised Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, August 18th. Citigroup cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $33.00 in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cogent Communications in a research note on Wednesday, October 8th. Zacks Research cut shares of Cogent Communications from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Finally, The Goldman Sachs Group assumed coverage on shares of Cogent Communications in a research note on Tuesday, September 2nd. They set a “neutral” rating and a $40.00 target price on the stock. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $46.60.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $40.21 on Friday. The business’s 50-day moving average price is $40.02 and its 200-day moving average price is $45.13. Cogent Communications Holdings, Inc. has a 12 month low of $29.61 and a 12 month high of $86.76. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -8.86 and a beta of 0.77. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The firm had revenue of $246.25 million for the quarter, compared to analyst estimates of $247.79 million. During the same period in the previous year, the business posted ($0.68) earnings per share. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Thursday, August 21st were paid a $1.015 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.06 dividend on an annualized basis and a dividend yield of 10.1%. The ex-dividend date of this dividend was Thursday, August 21st. Cogent Communications’s payout ratio is presently -89.43%.

Cogent Communications declared that its board has initiated a stock repurchase plan on Thursday, August 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Sheryl Lynn Kennedy sold 2,000 shares of Cogent Communications stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $36.35, for a total value of $72,700.00. Following the transaction, the director directly owned 10,017 shares of the company’s stock, valued at $364,117.95. The trade was a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $36.99, for a total value of $88,776.00. Following the completion of the transaction, the vice president directly owned 36,200 shares in the company, valued at approximately $1,339,038. This represents a 6.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,663,978 shares of company stock valued at $82,687,283 over the last ninety days. 11.40% of the stock is owned by company insiders.

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.