Renaissance Technologies LLC Decreases Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Renaissance Technologies LLC decreased its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 24.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,086,256 shares of the technology company’s stock after selling 349,600 shares during the quarter. Renaissance Technologies LLC owned approximately 2.22% of Cogent Communications worth $61,308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Taylor Frigon Capital Management LLC increased its stake in Cogent Communications by 1.1% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock worth $1,095,000 after buying an additional 202 shares in the last quarter. Truist Financial Corp increased its position in shares of Cogent Communications by 5.9% during the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock worth $321,000 after purchasing an additional 237 shares in the last quarter. Covestor Ltd raised its stake in Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after purchasing an additional 276 shares during the last quarter. Arizona State Retirement System lifted its holdings in Cogent Communications by 2.7% in the 2nd quarter. Arizona State Retirement System now owns 12,354 shares of the technology company’s stock valued at $697,000 after purchasing an additional 327 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in Cogent Communications during the 1st quarter worth $26,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $70.32 on Wednesday. The business’s fifty day simple moving average is $69.30 and its 200-day simple moving average is $63.88. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. The firm has a market cap of $3.45 billion, a PE ratio of 2.79 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.00.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($1.27) by $0.59. The company had revenue of $260.40 million during 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%. Cogent Communications’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) earnings per share. Equities analysts forecast 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. Investors of record on Thursday, August 22nd were issued a $0.985 dividend. This represents a $3.94 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend was Thursday, August 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio (DPR) is 15.61%.

Insider Buying and Selling at Cogent Communications

In other news, Director Lewis H. Ferguson sold 1,550 shares of Cogent Communications 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 of the company’s stock, valued at $1,288,859.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cogent Communications news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction on Thursday, August 22nd. The shares were 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 in the company, valued at $1,288,859.76. The disclosure for this sale can be found here. Insiders have sold a total of 64,870 shares of company stock valued at $4,716,057 over the last quarter. 11.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CCOI shares. KeyCorp raised their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. boosted their target price on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. The Goldman Sachs Group increased their price target on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, TD Cowen raised their target price on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Two investment 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $75.86.

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.