Hood River Capital Management LLC Has $49.34 Million Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Hood River Capital Management LLC boosted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 18.9% in the second quarter, HoldingsChannel reports. The firm owned 874,174 shares of the technology company’s stock after purchasing an additional 138,680 shares during the quarter. Hood River Capital Management LLC’s holdings in Cogent Communications were worth $49,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new stake in shares of Cogent Communications during the 1st quarter worth about $26,000. Covestor Ltd raised its holdings 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 acquiring an additional 276 shares during the period. Headlands Technologies LLC acquired a new stake in Cogent Communications during the first quarter worth approximately $136,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Cogent Communications during the fourth quarter worth approximately $211,000. Finally, Syon Capital LLC acquired a new position in shares of Cogent Communications in the fourth quarter valued at approximately $211,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCOI has been the subject of several research reports. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. KeyCorp boosted their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. Citigroup lifted their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, The Goldman Sachs Group increased their target price on shares of Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $75.86.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction 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 $318,444,627.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Cogent Communications 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 transaction of $133,958.40. Following the sale, the executive now owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Dave Schaeffer sold 60,000 shares of the 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 $318,444,627.16. The disclosure for this sale can be found here. Insiders have sold 64,870 shares of company stock valued at $4,716,057 over the last ninety days. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Trading Down 0.2 %

Shares of Cogent Communications stock opened at $72.29 on Monday. The firm’s 50-day moving average price is $70.09 and its two-hundred day moving average price is $63.82. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 2.86 and a beta of 0.40. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.00.

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

Cogent Communications Increases Dividend

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

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.