Consolidated Planning Corp Grows Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Consolidated Planning Corp increased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 62.3% during the 1st quarter, according to its most recent 13F filing with the Securities & 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. TrueMark Investments LLC purchased a new position in Cogent Communications in the 1st quarter valued at about $551,000. Good Steward Wealth Advisors LLC purchased a new position in Cogent Communications in the 1st quarter valued at about $277,000. Ipswich Investment Management Co. Inc. lifted its holdings in Cogent Communications by 0.6% in the 1st 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 in the last quarter. Handelsbanken Fonder AB lifted its holdings in Cogent Communications by 37.4% in the 1st 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 in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Cogent Communications in the 1st quarter valued at about $695,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 70,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were 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 owns 3,356,721 shares of the company's stock, valued at approximately $158,135,126.31. This represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the sale, the chief financial officer now directly owns 98,000 shares of the company's stock, valued at approximately $4,707,920. This trade represents a 4.76% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 445,500 shares of company stock valued at $21,285,069. 10.20% of the stock is currently owned by corporate insiders.

Cogent Communications Trading Up 1.5%

NASDAQ CCOI opened at $47.45 on Monday. Cogent Communications Holdings, Inc. has a 12 month low of $43.65 and a 12 month high of $86.76. The company has a 50-day moving average of $50.07 and a 200-day moving average of $64.39. The company has a debt-to-equity ratio of 13.89, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market cap of $2.34 billion, a P/E ratio of -11.83 and a beta of 0.72.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The company had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. During the same period in the prior year, the company earned ($1.38) EPS. The company's revenue was down 7.2% compared to the same quarter last year. As a group, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm 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. This represents a $4.04 dividend on an annualized basis and a yield of 8.51%. The ex-dividend date was Thursday, May 22nd. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's dividend payout ratio 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.

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