State of New Jersey Common Pension Fund D Sells 4,131 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

State of New Jersey Common Pension Fund D trimmed its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 13.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,243 shares of the technology company’s stock after selling 4,131 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.06% of Cogent Communications worth $2,068,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. EntryPoint Capital LLC bought a new position in Cogent Communications during the first quarter worth about $26,000. Blue Trust Inc. lifted its holdings in shares of Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after purchasing an additional 272 shares in the last quarter. Hexagon Capital Partners LLC grew its position in shares of Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after purchasing an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after purchasing an additional 441 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Cogent Communications by 207.0% during the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock worth $50,000 after purchasing an additional 445 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Insider Activity at Cogent Communications

In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were 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. This trade represents a 1.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were 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 owns 17,748 shares in the company, valued at approximately $1,288,859.76. This trade represents a 8.03 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,500 shares of company stock worth $5,008,175. Insiders own 11.40% of the company’s stock.

Analyst Ratings Changes

CCOI has been the subject of several research analyst reports. KeyCorp upped their price target 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. TD Cowen increased their target price on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their price objective on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. Finally, The Goldman Sachs Group boosted their target price on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and an average target price of $80.25.

Cogent Communications Stock Up 2.0 %

NASDAQ:CCOI opened at $79.40 on Friday. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of 101.79 and a beta of 0.40. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The stock’s 50 day moving average price is $78.20 and its two-hundred day moving average price is $68.12.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same period in the previous year, the company earned ($1.13) earnings per share. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.995 dividend. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.01%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio is presently 505.13%.

Cogent Communications Company 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.