8,982 Shares in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Acquired by TrueMark Investments LLC

TrueMark Investments LLC bought a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,982 shares of the technology company's stock, valued at approximately $551,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in shares of Cogent Communications by 543.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 21,040 shares of the technology company's stock valued at $1,622,000 after acquiring an additional 17,772 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Cogent Communications by 3.1% during the fourth quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company's stock worth $15,892,000 after purchasing an additional 6,235 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cogent Communications during the fourth quarter valued at $867,000. BankPlus Trust Department acquired a new position in shares of Cogent Communications in the 4th quarter valued at $63,000. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Cogent Communications by 10.4% in the 4th quarter. Illinois Municipal Retirement Fund now owns 24,070 shares of the technology company's stock valued at $1,855,000 after purchasing an additional 2,260 shares during the period. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Stock Performance

Shares of NASDAQ CCOI opened at $47.45 on Monday. The company has a debt-to-equity ratio of 13.89, a current ratio of 1.49 and a quick ratio of 1.49. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76. The business's 50-day moving average price is $50.07 and its two-hundred day moving average price is $64.39. The company has a market capitalization of $2.34 billion, a P/E ratio of -11.83 and a beta of 0.72.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The business had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. During the same quarter in the prior year, the business posted ($1.38) EPS. The firm's revenue for the quarter was down 7.2% compared to the same quarter last year. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.51%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is presently -100.75%.

Insider Buying and Selling

In related news, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the sale, the chief financial officer now directly owns 98,000 shares of the company's stock, valued at approximately $4,707,920. This represents a 4.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dave Schaeffer sold 70,000 shares of Cogent Communications stock in a transaction on Monday, June 16th. The stock was sold at an average price of $47.11, for a total transaction of $3,297,700.00. Following the completion of the transaction, the chief executive officer now owns 3,356,721 shares in the company, valued at $158,135,126.31. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 445,500 shares of company stock worth $21,285,069. 10.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CCOI has been the topic of several recent analyst reports. Wall Street Zen upgraded Cogent Communications to a "sell" rating in a report on Monday, March 3rd. UBS Group decreased their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their target price on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $75.75.

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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