Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Holdings Lessened by SteelPeak Wealth LLC

SteelPeak Wealth LLC lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 6.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,180 shares of the technology company’s stock after selling 224 shares during the period. SteelPeak Wealth LLC’s holdings in Cogent Communications were worth $211,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CCOI. Goldman Sachs Group Inc. grew its holdings in shares of Cogent Communications by 12.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 218,174 shares of the technology company’s stock valued at $16,594,000 after purchasing an additional 24,185 shares during the last quarter. PEAK6 Investments LLC grew its stake in Cogent Communications by 175.1% during the 4th quarter. PEAK6 Investments LLC now owns 37,599 shares of the technology company’s stock worth $2,860,000 after buying an additional 23,934 shares during the last quarter. Jennison Associates LLC increased its position in Cogent Communications by 46.6% in the fourth quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after buying an additional 263,276 shares during the period. Reaves W H & Co. Inc. lifted its stake in Cogent Communications by 16.2% in the fourth quarter. Reaves W H & Co. Inc. now owns 482,532 shares of the technology company’s stock valued at $36,701,000 after buying an additional 67,201 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its holdings in shares of Cogent Communications by 1.8% during the fourth quarter. Westfield Capital Management Co. LP now owns 88,263 shares of the technology company’s stock valued at $6,713,000 after acquiring an additional 1,582 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. TD Cowen reduced their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, May 10th. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Bank of America lowered Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. Finally, KeyCorp lowered their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average price target of $75.14.

Cogent Communications Trading Up 4.3 %

Shares of Cogent Communications stock opened at $56.44 on Monday. The business has a fifty day simple moving average of $58.37 and a 200-day simple moving average of $66.95. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 2.24 and a beta of 0.41. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share 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 business had revenue of $266.17 million during the quarter, compared to analyst estimates of $274.13 million. On average, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.81 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were paid a dividend of $0.975 per share. The ex-dividend date was Wednesday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 annualized dividend and a yield of 6.91%. Cogent Communications’s dividend payout ratio is currently 15.45%.

Insider Activity at Cogent Communications

In related news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the completion of the sale, the chief executive officer now directly owns 4,433,038 shares of the company’s stock, valued at $229,542,707.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Thaddeus Gerard Weed sold 2,400 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $52.60, for a total value of $126,240.00. Following the completion of the sale, the chief financial officer now owns 93,300 shares in the company, valued at approximately $4,907,580. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the transaction, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The disclosure for this sale can be found here. Insiders sold a total of 178,440 shares of company stock valued at $9,828,016 over the last ninety days. Insiders own 11.00% of the company’s stock.

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.