Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Capital Insight Partners LLC

Capital Insight Partners LLC decreased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 74.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,848 shares of the technology company's stock after selling 48,628 shares during the quarter. Capital Insight Partners LLC's holdings in Cogent Communications were worth $1,033,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock worth $394,182,000 after acquiring an additional 43,523 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cogent Communications by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company's stock valued at $39,255,000 after buying an additional 11,858 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Cogent Communications by 0.6% in the fourth quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company's stock valued at $4,067,000 after buying an additional 327 shares during the last quarter. Norges Bank bought a new stake in Cogent Communications in the fourth quarter valued at about $4,994,000. Finally, SG Americas Securities LLC bought a new stake in Cogent Communications in the first quarter valued at about $695,000. Institutional investors and hedge funds own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

CCOI has been the subject of several research analyst reports. The Goldman Sachs Group lowered their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. UBS Group lowered their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $75.75.

Cogent Communications Stock Performance

Shares of NASDAQ:CCOI traded down $1.12 during trading on Friday, hitting $49.40. 445,611 shares of the company traded hands, compared to its average volume of 502,276. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -12.32 and a beta of 0.73. The business's fifty day moving average is $48.88 and its 200-day moving average is $61.69. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing the consensus estimate 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 company had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. During the same period last year, the company posted ($1.38) earnings per share. The firm's revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 8.18%. This is a positive change 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 is -100.75%.

Insider Buying and Selling

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $47.95, for a total value of $115,080.00. Following the completion of the sale, the vice president directly owned 38,600 shares in the company, valued at $1,850,870. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dave Schaeffer sold 80,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $47.78, for a total value of $3,822,400.00. Following the completion of the sale, the chief executive officer owned 3,701,721 shares of the company's stock, valued at $176,868,229.38. This trade represents a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 445,500 shares of company stock valued at $21,285,069 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

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.