Consolidated Planning Corp Raises Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Consolidated Planning Corp raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 62.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,325 shares of the technology company's stock after buying an additional 7,037 shares during the period. Consolidated Planning Corp's holdings in Cogent Communications were worth $1,124,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CCOI. TrueMark Investments LLC acquired a new stake in shares of Cogent Communications in the 1st quarter worth approximately $551,000. Good Steward Wealth Advisors LLC purchased a new stake in Cogent Communications during the first quarter worth $277,000. Ipswich Investment Management Co. Inc. grew its holdings in Cogent Communications by 0.6% in the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company's stock valued at $2,620,000 after purchasing an additional 260 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Cogent Communications by 37.4% in the first quarter. Handelsbanken Fonder AB now owns 15,430 shares of the technology company's stock valued at $946,000 after purchasing an additional 4,200 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Cogent Communications in the first quarter valued at $695,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CRO James Bubeck sold 2,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $47.50, for a total transaction of $95,000.00. Following the transaction, the executive now directly owns 55,142 shares in the company, valued at $2,619,245. This represents a 3.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Dave Schaeffer sold 70,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $47.11, for a total transaction of $3,297,700.00. Following the completion of the sale, the chief executive officer now directly owns 3,356,721 shares in the company, valued at $158,135,126.31. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 445,500 shares of company stock valued at $21,285,069. Company insiders own 11.40% of the company's stock.

Cogent Communications Price Performance

Shares of CCOI traded up $0.01 during trading hours on Thursday, reaching $48.16. 597,422 shares of the company traded hands, compared to its average volume of 511,158. The stock has a market capitalization of $2.38 billion, a PE ratio of -12.01 and a beta of 0.72. The stock has a fifty day simple moving average of $49.73 and a 200 day simple moving average of $63.77. Cogent Communications Holdings, Inc. has a fifty-two week low of $43.65 and a fifty-two week 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 released its earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) 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 analysts' expectations of $250.81 million. Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. Cogent Communications's revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter last year, the company posted ($1.38) earnings per share. As a group, research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were given a dividend of $1.01 per share. The ex-dividend date was Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a yield of 8.39%. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's dividend payout ratio (DPR) is -100.75%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. The Goldman Sachs Group cut their price target on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. UBS Group dropped their target price on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Two research 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's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $75.75.

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.