Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Bought by Senator Investment Group LP

Senator Investment Group LP lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 716,768 shares of the technology company’s stock after acquiring an additional 50,000 shares during the quarter. Cogent Communications comprises about 2.0% of Senator Investment Group LP’s investment portfolio, making the stock its 22nd biggest holding. Senator Investment Group LP owned 1.46% of Cogent Communications worth $40,454,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new stake in shares of Cogent Communications in the 1st quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of 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 acquiring an additional 441 shares in the last quarter. Covestor Ltd grew its holdings in shares of Cogent Communications by 17.2% in 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 last quarter. Headlands Technologies LLC acquired a new stake in shares of Cogent Communications during the first quarter worth $136,000. Finally, Syon Capital LLC purchased a new stake in shares of Cogent Communications during the fourth quarter valued at $211,000. Institutional investors own 92.45% of the company’s stock.

Insider Buying and Selling at Cogent Communications

In other news, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock worth $4,716,057 over the last ninety days. 11.40% of the stock is currently owned by insiders.

Cogent Communications Trading Up 2.7 %

Shares of NASDAQ:CCOI opened at $76.51 on Monday. The firm has a fifty day moving average of $70.86 and a two-hundred day moving average of $64.04. 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. The firm has a market capitalization of $3.75 billion, a P/E ratio of 3.03 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last issued 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. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. During the same period in the prior year, the firm posted ($0.13) EPS. The business’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Cogent Communications Holdings, Inc. will post -4.46 EPS 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 represents a $3.94 annualized dividend and a yield of 5.15%. The ex-dividend date was Thursday, August 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

Analyst Ratings Changes

CCOI has been the topic of several recent analyst reports. TD Cowen boosted their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Citigroup boosted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Finally, KeyCorp raised their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $75.86.

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.