Public Sector Pension Investment Board Acquires 6,677 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Public Sector Pension Investment Board lifted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,839 shares of the technology company’s stock after buying an additional 6,677 shares during the period. Public Sector Pension Investment Board’s holdings in Cogent Communications were worth $5,240,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Hood River Capital Management LLC raised its stake in Cogent Communications by 18.9% during the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after acquiring an additional 138,680 shares in the last quarter. Harspring Capital Management LLC lifted its holdings in Cogent Communications by 6.0% during the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after purchasing an additional 66,500 shares during the last quarter. Capstone Triton Financial Group LLC boosted its position in Cogent Communications by 20.4% in the second quarter. Capstone Triton Financial Group LLC now owns 10,088 shares of the technology company’s stock valued at $569,000 after buying an additional 1,711 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Cogent Communications by 2,739.1% during the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after buying an additional 998,796 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Cogent Communications by 38.8% during the second quarter. Sei Investments Co. now owns 128,311 shares of the technology company’s stock worth $7,242,000 after buying an additional 35,884 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Cogent Communications stock opened at $72.99 on Thursday. The company has a market cap of $3.58 billion, a PE ratio of 2.89 and a beta of 0.40. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.00. The company’s 50-day moving average is $70.47 and its two-hundred day moving average is $63.96.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. Equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were paid a $0.985 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. This represents a $3.94 annualized dividend and a yield of 5.40%. Cogent Communications’s dividend payout ratio is presently 15.61%.

Insiders Place Their Bets

In other news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the sale, the executive now directly owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the sale, the vice president now 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 the SEC website. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the transaction, the executive now owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,870 shares of company stock worth $4,716,057. Insiders own 11.40% of the company’s stock.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price objective on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. KeyCorp raised their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. TD Cowen lifted their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Citigroup raised their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average target price of $75.86.

About Cogent Communications

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.