State of Alaska Department of Revenue Decreases Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

State of Alaska Department of Revenue decreased its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,064 shares of the technology company’s stock after selling 716 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cogent Communications were worth $1,826,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CCOI. Thrivent Financial for Lutherans grew its stake in shares of 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 purchasing an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. increased its holdings in shares of Cogent Communications by 500.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after acquiring an additional 876,326 shares during the last quarter. Capital World Investors lifted its stake in Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after purchasing an additional 752,133 shares during the last quarter. M&G Plc acquired a new position in Cogent Communications in the first quarter valued at approximately $27,942,000. Finally, Senator Investment Group LP increased its stake in Cogent Communications by 83.0% in the first quarter. Senator Investment Group LP now owns 666,768 shares of the technology company’s stock valued at $43,560,000 after purchasing an additional 302,365 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

CCOI has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Citigroup lifted their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. TD Cowen upped their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus price target of $77.14.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $81.62 on Friday. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 89.69 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 1-year low of $50.80 and a 1-year high of $86.00. The firm’s fifty day moving average price is $76.19 and its 200 day moving average price is $66.93.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. The business had revenue of $260.40 million for the quarter, compared to analyst estimates 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 business posted ($0.13) earnings per share. On average, sell-side analysts expect 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. Stockholders of record on Thursday, August 22nd were issued a $0.985 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a dividend yield of 4.83%. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is currently 432.97%.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the firm’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 owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 sale, the director now owns 17,748 shares of the company’s stock, valued at $1,288,859.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 64,870 shares of company stock worth $4,716,057 over the last three months. 11.40% of the stock is currently owned by corporate insiders.

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.