SG Americas Securities LLC Acquires Shares of 11,730 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SG Americas Securities LLC purchased a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 11,730 shares of the technology company’s stock, valued at approximately $891,000.

Several other hedge funds have also bought and sold shares of the business. EntryPoint Capital LLC purchased a new position in shares of Cogent Communications during the first quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Cogent Communications by 127.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares during the last quarter. Covestor Ltd increased its holdings in shares of Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after acquiring an additional 276 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Cogent Communications in the 1st quarter worth about $136,000. Finally, Syon Capital LLC bought a new position in Cogent Communications in the 4th quarter worth about $211,000. Institutional investors own 92.45% of the company’s stock.

Insider Transactions at Cogent Communications

In other news, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the transaction, the director now directly owns 17,748 shares in the company, valued at approximately $1,288,859.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John B. Chang sold 1,400 shares of the firm’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 sale, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,870 shares of company stock worth $4,716,057 in the last 90 days. 11.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. KeyCorp increased 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. The Goldman Sachs Group upped their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Finally, TD Cowen lifted their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $77.14.

Cogent Communications Stock Performance

Shares of CCOI opened at $80.45 on Friday. The firm has a market capitalization of $3.94 billion, a P/E ratio of 3.19 and a beta of 0.41. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.00. The business has a fifty day moving average of $72.90 and a 200 day moving average of $65.02.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results 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. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The business had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. During the same period in the previous year, the company posted ($0.13) EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were given a $0.985 dividend. The ex-dividend date was Thursday, August 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 4.90%. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

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.