683 Capital Management LLC Decreases Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

683 Capital Management LLC reduced its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 21.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300,000 shares of the technology company's stock after selling 80,000 shares during the period. Cogent Communications comprises 1.4% of 683 Capital Management LLC's investment portfolio, making the stock its 12th biggest position. 683 Capital Management LLC owned approximately 0.61% of Cogent Communications worth $23,121,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CCOI. Itau Unibanco Holding S.A. increased its holdings in Cogent Communications by 58.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after acquiring an additional 229 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Cogent Communications in the 4th quarter valued at approximately $436,000. Boothbay Fund Management LLC grew its holdings in Cogent Communications by 42.7% during the 4th quarter. Boothbay Fund Management LLC now owns 115,842 shares of the technology company's stock valued at $8,928,000 after buying an additional 34,650 shares during the last quarter. Syon Capital LLC purchased a new position in Cogent Communications during the fourth quarter worth $214,000. Finally, Hood River Capital Management LLC raised its holdings in shares of Cogent Communications by 21.8% in the fourth quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock worth $110,738,000 after acquiring an additional 257,383 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $80.25.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 956 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the transaction, the director now directly owns 18,652 shares in the company, valued at $1,293,702.72. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the sale, the chief financial officer now directly owns 103,000 shares in the company, valued at $7,422,180. This trade represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,681 shares of company stock valued at $840,878 in the last three months. 11.40% of the stock is currently owned by company insiders.

Cogent Communications Stock Up 0.7 %

NASDAQ:CCOI opened at $54.71 on Friday. The stock's fifty day simple moving average is $61.67 and its 200-day simple moving average is $72.82. The firm has a market capitalization of $2.70 billion, a P/E ratio of 70.14 and a beta of 0.69. Cogent Communications Holdings, Inc. has a 12-month low of $47.54 and a 12-month high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $0.31. The firm had revenue of $252.29 million for the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a dividend of $1.005 per share. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 7.35%. Cogent Communications's payout ratio is presently -93.49%.

About Cogent Communications

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.

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