33,665 Shares in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Bought by Royce & Associates LP

Royce & Associates LP purchased a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 33,665 shares of the technology company’s stock, valued at approximately $2,556,000.

A number of other large investors have also added to or reduced their stakes in the company. EdgePoint Investment Group Inc. grew its stake in shares of Cogent Communications by 46.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after purchasing an additional 485,628 shares during the last quarter. Harspring Capital Management LLC raised its holdings in shares of Cogent Communications by 6.0% during the second quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after acquiring an additional 66,500 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Cogent Communications by 2,739.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after acquiring an additional 998,796 shares during the period. Capital World Investors boosted its holdings in Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 shares in the last quarter. Finally, Hood River Capital Management LLC raised its holdings in Cogent Communications by 18.9% in the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after purchasing an additional 138,680 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Insider Activity

In related news, Director Sheryl Lynn Kennedy sold 1,350 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the transaction, the director now owns 10,318 shares of the company’s stock, valued at approximately $831,424.44. This trade represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lewis H. Ferguson sold 846 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.76, for a total transaction of $69,168.96. Following the sale, the director now directly owns 18,354 shares of the company’s stock, valued at approximately $1,500,623.04. This represents a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 69,346 shares of company stock valued at $5,077,344 in the last ninety days. 11.00% of the stock is currently owned by company insiders.

Cogent Communications Price Performance

CCOI opened at $79.96 on Wednesday. The stock has a 50-day moving average price of $78.54 and a 200-day moving average price of $68.40. The firm has a market cap of $3.92 billion, a PE ratio of 102.51 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $257.20 million for the quarter, compared to analysts’ expectations of $258.69 million. During the same period last year, the firm posted ($1.13) earnings per share. Cogent Communications’s revenue was down 6.6% compared to the same quarter last year. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.98%. Cogent Communications’s payout ratio is currently 505.13%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. increased their target price on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Finally, KeyCorp upped their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average target price of $80.25.

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.