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

Capital Insight Partners LLC lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 74.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Hillsdale Investment Management Inc. purchased a new position in shares of Cogent Communications in the 4th quarter worth $46,000. Itau Unibanco Holding S.A. raised its position in Cogent Communications by 58.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after purchasing an additional 229 shares during the period. Jones Financial Companies Lllp raised its position in Cogent Communications by 132.1% in the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock valued at $67,000 after purchasing an additional 498 shares during the period. GAMMA Investing LLC raised its position in Cogent Communications by 35.4% in the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock valued at $64,000 after purchasing an additional 274 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in Cogent Communications in the fourth quarter valued at about $186,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on CCOI shares. UBS Group cut their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group cut their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Two research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $75.75.

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 80,000 shares of Cogent Communications stock in a transaction dated 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 transaction, the chief executive officer directly owned 3,701,721 shares in the company, valued at approximately $176,868,229.38. This trade represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated 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 transaction, the vice president owned 38,600 shares of the company's stock, valued at $1,850,870. This trade represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,500 shares of company stock worth $21,285,069. Corporate insiders own 10.20% of the company's stock.

Cogent Communications Stock Down 2.2%

Shares of Cogent Communications stock traded down $1.12 during trading hours on Friday, hitting $49.40. 445,611 shares of the company's stock traded hands, compared to its average volume of 502,276. The stock has a 50 day simple moving average of $48.88 and a 200-day simple moving average of $61.59. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89. The company has a market cap of $2.44 billion, a PE ratio of -12.32 and a beta of 0.73. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76.

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

Cogent Communications Increases Dividend

The company also recently declared 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 yield of 8.18%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date was Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is -100.75%.

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.