Bradley Foster & Sargent Inc. CT Reduces Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bradley Foster & Sargent Inc. CT reduced its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 78.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,502 shares of the technology company’s stock after selling 15,929 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Cogent Communications were worth $254,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. EntryPoint Capital LLC acquired a new stake in shares of Cogent Communications during the first quarter worth $26,000. Covestor Ltd lifted its position in Cogent Communications by 17.2% during the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after acquiring an additional 276 shares during the period. Headlands Technologies LLC acquired a new stake in Cogent Communications during the 1st quarter worth about $136,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Cogent Communications during the 4th quarter valued at about $211,000. Finally, Syon Capital LLC acquired a new position in shares of Cogent Communications in the fourth quarter valued at about $211,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the sale, the executive now directly owns 50,982 shares in the company, valued at approximately $3,557,014.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. 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 quarter. Corporate insiders own 11.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CCOI. TD Cowen lifted 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. KeyCorp upped their price objective 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. Citigroup raised their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. JPMorgan Chase & Co. upped their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $75.86.

Cogent Communications Stock Down 0.2 %

CCOI stock opened at $72.29 on Friday. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.00. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. The firm’s fifty day moving average is $69.94 and its 200 day moving average is $63.93. The firm has a market cap of $3.54 billion, a PE ratio of 2.86 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm earned ($0.13) EPS. On average, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.985 per share. This represents a $3.94 annualized dividend and a dividend yield of 5.45%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s dividend payout ratio is presently 15.61%.

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.