Choreo LLC Invests $341,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Choreo LLC purchased a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 6,164 shares of the technology company’s stock, valued at approximately $341,000.

A number of other institutional investors have also added to or reduced their stakes in CCOI. Taylor Frigon Capital Management LLC boosted its position in Cogent Communications by 1.1% in the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock valued at $1,095,000 after buying an additional 202 shares in the last quarter. Truist Financial Corp grew its position in Cogent Communications by 5.9% during the 4th quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock worth $321,000 after acquiring an additional 237 shares during the last quarter. Covestor Ltd increased its holdings in Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares in the last quarter. Arizona State Retirement System raised its position in Cogent Communications by 2.7% in the second quarter. Arizona State Retirement System now owns 12,354 shares of the technology company’s stock valued at $697,000 after purchasing an additional 327 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Cogent Communications during the first quarter valued at about $26,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cogent Communications

In other news, VP John B. Chang sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the sale, the chief executive officer now owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 64,870 shares of company stock valued at $4,716,057. Company insiders own 11.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CCOI shares. KeyCorp raised their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. The Goldman Sachs Group raised their target price on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Finally, TD Cowen increased their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $75.86.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $70.32 on Wednesday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.00. The firm has a 50 day moving average of $69.30 and a 200-day moving average of $63.88. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 2.79 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.27) by $0.59. The firm had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.13) earnings per share. On average, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a $0.985 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.94 annualized dividend and a yield of 5.60%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio is presently 15.61%.

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.