Boothbay Fund Management LLC Has $8.93 Million Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Boothbay Fund Management LLC lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 42.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 115,842 shares of the technology company's stock after purchasing an additional 34,650 shares during the period. Boothbay Fund Management LLC owned approximately 0.24% of Cogent Communications worth $8,928,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Hillsdale Investment Management Inc. bought a new stake in shares of Cogent Communications during the fourth quarter worth approximately $46,000. Blue Trust Inc. raised its stake in shares of Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after buying an additional 218 shares during the last quarter. BankPlus Trust Department bought a new stake in shares of Cogent Communications during the fourth quarter worth approximately $63,000. Jones Financial Companies Lllp raised its stake in shares of Cogent Communications by 132.1% during the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock worth $67,000 after buying an additional 498 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Cogent Communications by 212.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company's stock worth $113,000 after buying an additional 1,015 shares during the last quarter. 92.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $80.25.

Cogent Communications Trading Up 0.4 %

CCOI traded up $0.23 during mid-day trading on Thursday, hitting $54.58. The stock had a trading volume of 164,767 shares, compared to its average volume of 458,683. The stock's fifty day simple moving average is $62.15 and its 200-day simple moving average is $73.00. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 69.75 and a beta of 0.69. Cogent Communications Holdings, Inc. has a 1-year low of $47.54 and a 1-year high of $86.76.

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

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $1.005 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This is a positive change from Cogent Communications's previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 7.37%. Cogent Communications's dividend payout ratio (DPR) is -93.49%.

Insider Buying and Selling

In related news, Director Lewis H. Ferguson sold 956 shares of the firm's stock in a transaction 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 sale, the director now directly owns 18,652 shares in the company, valued at $1,293,702.72. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $72.57, for a total transaction of $174,168.00. Following the sale, the vice president now owns 41,000 shares in the company, valued at approximately $2,975,370. The trade was a 5.53 % 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 worth $840,878 over the last ninety days. Company insiders own 11.40% of the company's stock.

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.