Ulysses Management LLC Acquires 32,596 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Ulysses Management LLC grew its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 9.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 372,166 shares of the technology company's stock after acquiring an additional 32,596 shares during the quarter. Cogent Communications comprises approximately 4.6% of Ulysses Management LLC's portfolio, making the stock its 6th biggest position. Ulysses Management LLC owned approximately 0.76% of Cogent Communications worth $28,683,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CCOI. Hillsdale Investment Management Inc. purchased a new stake in shares of Cogent Communications during the fourth quarter worth approximately $46,000. Blue Trust Inc. raised its position in Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after acquiring an additional 218 shares in the last quarter. 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 worth $48,000 after acquiring an additional 229 shares in the last quarter. BankPlus Trust Department purchased a new position in Cogent Communications in the fourth quarter worth $63,000. Finally, Jones Financial Companies Lllp increased its position in shares of 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 buying an additional 498 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company's stock.

Cogent Communications Stock Performance

Shares of NASDAQ CCOI traded up $0.99 during trading on Friday, reaching $46.89. The stock had a trading volume of 887,074 shares, compared to its average volume of 486,952. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market cap of $2.31 billion, a PE ratio of 60.12 and a beta of 0.76. The firm's 50 day moving average price is $54.95 and its two-hundred day moving average price is $69.22.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). The firm had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. Cogent Communications's revenue was down 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.38) earnings per share. On average, research analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be paid a $1.01 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date is Thursday, May 22nd. This represents a $4.04 annualized dividend and a dividend yield of 8.62%. Cogent Communications's dividend payout ratio is presently -100.75%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCOI. UBS Group decreased their price target on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Wall Street Zen upgraded Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group dropped their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $75.75.

Insider Transactions at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $72.57, for a total value of $174,168.00. Following the completion of the sale, the vice president now owns 41,000 shares in the company, valued at $2,975,370. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Dave Schaeffer sold 25,000 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $46.27, for a total value of $1,156,750.00. Following the completion of the sale, the chief executive officer now owns 4,176,721 shares of the company's stock, valued at approximately $193,256,880.67. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,681 shares of company stock valued at $1,997,628. 10.20% of the stock is currently owned by corporate insiders.

Cogent Communications 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.