Bank of America Corp DE Reduces Stake in Cogent Communications Holdings, Inc. $CCOI

Bank of America Corp DE cut its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 74.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 302,393 shares of the technology company's stock after selling 899,068 shares during the period. Bank of America Corp DE owned approximately 0.60% of Cogent Communications worth $5,697,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Federation des caisses Desjardins du Quebec raised its holdings in shares of Cogent Communications by 17.5% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 2,850 shares of the technology company's stock valued at $61,000 after purchasing an additional 425 shares in the last quarter. Empowered Funds LLC boosted its position in Cogent Communications by 10.3% in the first quarter. Empowered Funds LLC now owns 5,466 shares of the technology company's stock valued at $335,000 after buying an additional 510 shares during the last quarter. Quarry LP purchased a new stake in shares of Cogent Communications in the 3rd quarter valued at $27,000. Farther Finance Advisors LLC boosted its holdings in Cogent Communications by 56.6% in the fourth quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company's stock valued at $45,000 after purchasing an additional 756 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company's stock worth $27,000 after purchasing an additional 968 shares during the period. Institutional investors own 92.45% of the company's stock.

Insider Activity

In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the completion of the sale, the chief financial officer directly owned 197,900 shares of the company's stock, valued at approximately $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the sale, the vice president directly owned 38,600 shares of the company's stock, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is currently owned by insiders.

Cogent Communications Stock Performance

Shares of CCOI opened at $9.67 on Friday. Cogent Communications Holdings, Inc. has a 1 year low of $9.00 and a 1 year high of $45.69. The stock has a market capitalization of $495.26 million, a PE ratio of -10.07 and a beta of 0.80. The company's 50-day simple moving average is $12.05 and its 200-day simple moving average is $17.17.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.00) by $2.38. The firm had revenue of $235.56 million during the quarter, compared to analyst estimates of $239.55 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 4.73%.Cogent Communications's revenue was down 4.4% compared to the same quarter last year. During the same period last year, the business posted ($1.21) earnings per share. On average, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -2.7 earnings per share for the current year.

Cogent Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Friday, August 21st will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, August 21st. Cogent Communications's dividend payout ratio (DPR) is -8.33%.

More Cogent Communications News

Here are the key news stories impacting Cogent Communications this week:

• Neutral Sentiment: Multiple law firms are seeking investors who purchased Cogent shares between February 29, 2024, and May 1, 2026, to apply for lead-plaintiff status by September 21, 2026. The litigation is pending in federal court, and participation does not necessarily indicate wrongdoing by the company. Rosen Law Firm CCOI deadline notice
• Negative Sentiment: The repeated legal alerts increase headline and litigation risk for Cogent. The lawsuits accuse the company and certain executives of violating federal securities laws and seek damages on behalf of affected shareholders. Pomerantz CCOI investor alert
• Negative Sentiment: The core allegations center on claims that Cogent provided overly optimistic assurances about wavelength-driven growth and backlog demand, before reporting a sharp backlog deterioration and substantially reducing its dividend. One notice says these developments contributed to an approximately 29% stock decline and investor losses. SueWallSt CCOI investor alert

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada dropped their price target on shares of Cogent Communications from $18.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 13th. UBS Group set a $9.00 price target on Cogent Communications in a report on Wednesday, August 19th. Wells Fargo & Company dropped their price objective on shares of Cogent Communications from $18.00 to $14.00 and set an "equal weight" rating for the company in a report on Friday, August 7th. Wall Street Zen upgraded shares of Cogent Communications from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $9.00 target price (down from $22.00) on shares of Cogent Communications in a research note on Wednesday, August 19th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $19.55.

Cogent Communications Profile

Cogent Communications NASDAQ: CCOI is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent's core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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