Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stake Boosted by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. boosted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 12.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 218,174 shares of the technology company’s stock after buying an additional 24,185 shares during the period. Goldman Sachs Group Inc.’s holdings in Cogent Communications were worth $16,594,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Syon Capital LLC acquired a new stake in shares of Cogent Communications during the fourth quarter valued at approximately $211,000. Harspring Capital Management LLC raised its stake in Cogent Communications by 3.6% during the 4th quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock valued at $77,543,000 after purchasing an additional 35,500 shares during the period. Irenic Capital Management LP purchased a new stake in shares of Cogent Communications in the fourth quarter valued at $537,000. Tyro Capital Management LLC acquired a new stake in shares of Cogent Communications in the fourth quarter worth $19,467,000. Finally, Westwood Holdings Group Inc. purchased a new position in shares of Cogent Communications during the fourth quarter valued at $48,184,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,640 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $57.79, for a total value of $94,775.60. Following the transaction, the director now directly owns 10,091 shares in the company, valued at approximately $583,158.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,640 shares of Cogent Communications stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $57.79, for a total value of $94,775.60. Following the transaction, the director now directly owns 10,091 shares of the company’s stock, valued at approximately $583,158.89. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total value of $3,276,000.00. Following the completion of the sale, the chief executive officer now directly owns 4,493,038 shares of the company’s stock, valued at $245,319,874.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 178,440 shares of company stock worth $9,828,016. 11.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. KeyCorp decreased their price objective on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. TD Cowen decreased their price target on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a report on Friday, May 10th. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price objective on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $75.14.

Cogent Communications Trading Up 3.1 %

Shares of NASDAQ:CCOI opened at $54.12 on Friday. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.00. The firm has a fifty day moving average price of $58.51 and a 200 day moving average price of $67.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. The stock has a market capitalization of $2.65 billion, a PE ratio of 2.14 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The company had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. Analysts expect that Cogent Communications Holdings, Inc. will post -4.81 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd were given a $0.975 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.90 dividend on an annualized basis and a dividend yield of 7.21%. Cogent Communications’s dividend payout ratio (DPR) is currently 15.45%.

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.