Cogent Communications Holdings, Inc. $CCOI Shares Purchased by Harspring Capital Management LLC

Key Points

• Harspring Capital Management boosted its Cogent Communications stake by 60.3% in the fourth quarter, buying 527,500 additional shares and bringing its holdings to 1.4 million shares worth about $30.2 million.
• Other institutional investors also increased exposure to CCOI, with firms like Turtle Creek Asset Management, Bank of America, and First Trust Advisors making large purchases; institutional ownership now stands at 92.45%.
• Cogent Communications reported a smaller-than-expected quarterly loss, but analysts remain cautious: the stock has an average “Hold” rating and a consensus price target of $24.90, while shares recently traded near $15.86.

Harspring Capital Management LLC increased its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 60.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,402,500 shares of the technology company's stock after buying an additional 527,500 shares during the quarter. Cogent Communications accounts for approximately 11.2% of Harspring Capital Management LLC's investment portfolio, making the stock its 3rd largest position. Harspring Capital Management LLC owned approximately 2.86% of Cogent Communications worth $30,238,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CCOI. Turtle Creek Asset Management Inc. increased its stake in shares of Cogent Communications by 64.9% in the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company's stock valued at $176,561,000 after buying an additional 1,811,222 shares during the period. Bank of America Corp DE increased its stake in shares of Cogent Communications by 551.2% in the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company's stock valued at $43,965,000 after buying an additional 970,367 shares during the period. First Trust Advisors LP increased its stake in shares of Cogent Communications by 86.8% in the fourth quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company's stock valued at $25,385,000 after buying an additional 547,188 shares during the period. Invesco Ltd. increased its stake in shares of Cogent Communications by 84.2% in the second quarter. Invesco Ltd. now owns 1,003,273 shares of the technology company's stock valued at $48,368,000 after buying an additional 458,698 shares during the period. Finally, CenterBook Partners LP increased its stake in shares of Cogent Communications by 254.5% in the fourth quarter. CenterBook Partners LP now owns 601,735 shares of the technology company's stock valued at $12,973,000 after buying an additional 431,974 shares during the period. Institutional investors and hedge funds own 92.45% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CCOI shares. UBS Group lowered their price objective on Cogent Communications from $21.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, May 5th. Wall Street Zen raised Cogent Communications from a "strong sell" rating to a "sell" rating in a research note on Sunday, April 26th. Wells Fargo & Company decreased their price target on Cogent Communications from $23.00 to $18.00 and set an "equal weight" rating for the company in a research note on Thursday, May 7th. Williams Trading set a $40.00 price objective on Cogent Communications in a research report on Monday, February 23rd. Finally, Royal Bank Of Canada lowered their price objective on Cogent Communications from $22.00 to $18.00 and set a "sector perform" rating for the company in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $24.90.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $15.86 on Friday. The company has a market capitalization of $794.27 million, a PE ratio of -4.47 and a beta of 0.77. The company has a 50 day simple moving average of $19.31 and a two-hundred day simple moving average of $20.93. Cogent Communications Holdings, Inc. has a fifty-two week low of $14.41 and a fifty-two week high of $54.37.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating analysts' consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.09) EPS. Research analysts predict that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications's dividend payout ratio is currently -2.25%.

Cogent Communications Company 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.

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