Cogent Communications Holdings, Inc. $CCOI Shares Purchased by Redmond Asset Management LLC

Key Points

• Redmond Asset Management increased its stake in Cogent Communications by 45.8% in the fourth quarter, buying 62,828 additional shares and lifting its holdings to 200,082 shares worth about $4.31 million.
• Cogent announced a definitive agreement to sell 10 data center facilities for $225 million in cash, a transaction that could improve liquidity and help the company focus on its core business.
• Analysts remain cautious overall: several firms trimmed price targets, Zacks lowered multiple earnings estimates, and the consensus rating on CCOI is currently Hold with an average target price of $24.90.

Redmond Asset Management LLC raised its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 45.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 200,082 shares of the technology company's stock after purchasing an additional 62,828 shares during the period. Cogent Communications accounts for approximately 1.1% of Redmond Asset Management LLC's holdings, making the stock its 20th biggest position. Redmond Asset Management LLC owned approximately 0.41% of Cogent Communications worth $4,314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new position in Cogent Communications during the 3rd quarter valued at about $27,000. Hantz Financial Services Inc. raised its position in shares of Cogent Communications by 313.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company's stock worth $32,000 after buying an additional 1,127 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Cogent Communications by 56.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company's stock worth $45,000 after buying an additional 756 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Cogent Communications by 466.9% during the 4th quarter. GAMMA Investing LLC now owns 2,262 shares of the technology company's stock worth $49,000 after buying an additional 1,863 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Cogent Communications during the 3rd quarter worth about $79,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications News Summary

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

• Positive Sentiment: Cogent announced a definitive agreement to sell 10 data center facilities for $225 million in cash to an entity sponsored by I Squared Capital, a move that could strengthen liquidity and sharpen the company’s focus on core operations. Cogent Communications Announces Definitive Agreement to Sell 10 Data Center Facilities
• Neutral Sentiment: Zacks Research updated several earnings estimates for Cogent, including modestly higher forecasts for Q1 2027 and Q4 2026, which suggests some near-term earnings improvement expectations but not enough to change the broader picture.
• Negative Sentiment: The same analyst report series also lowered earnings estimates for multiple periods, including Q2 2026, Q3 2026, Q2 2027, Q3 2027, Q4 2027, FY2026, FY2027, and FY2028, reinforcing concerns that Cogent may continue to post losses for an extended period.

Wall Street Analyst Weigh In

A number of analysts have commented on CCOI shares. Citigroup dropped their price target on shares of Cogent Communications from $22.00 to $20.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 19th. TD Cowen dropped their price target on shares of Cogent Communications from $40.00 to $34.00 and set a "buy" rating on the stock in a research report on Tuesday, May 5th. JPMorgan Chase & Co. restated a "neutral" rating and set a $22.00 price target (down from $23.00) on shares of Cogent Communications in a research report on Tuesday, May 5th. KeyCorp dropped their price target on shares of Cogent Communications from $30.00 to $25.00 and set an "overweight" rating on the stock in a research report on Monday, February 23rd. Finally, Weiss Ratings downgraded shares of Cogent Communications from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, May 20th. 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $24.90.

Cogent Communications Price Performance

NASDAQ CCOI opened at $21.62 on Thursday. The company's 50 day simple moving average is $19.75 and its 200 day simple moving average is $21.13. Cogent Communications Holdings, Inc. has a 12 month low of $14.82 and a 12 month high of $54.37. The company has a market capitalization of $1.08 billion, a P/E ratio of -6.09 and a beta of 0.85.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping analysts' consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The business had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. During the same period in the previous year, the firm earned ($1.09) EPS. The business's revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -3.92 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 2nd. Investors of record on Monday, May 18th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, May 18th. Cogent Communications's payout ratio is presently -2.25%.

Insider Buying and Selling at Cogent Communications

In related news, Director Lewis H. Ferguson sold 2,206 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total value of $50,804.18. Following the sale, the director directly owned 20,449 shares in the company, valued at $470,940.47. The trade was a 9.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $22.63, for a total transaction of $109,755.50. Following the completion of the sale, the chief financial officer owned 202,750 shares in the company, valued at $4,588,232.50. The trade was a 2.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,756 shares of company stock valued at $292,467 over the last quarter. Company insiders own 4.20% of the company's stock.

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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