Edgestream Partners L.P. Increases Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Edgestream Partners L.P. boosted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 30.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,223 shares of the technology company's stock after purchasing an additional 26,673 shares during the period. Edgestream Partners L.P. owned about 0.23% of Cogent Communications worth $7,064,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Hillsdale Investment Management Inc. acquired a new stake in Cogent Communications in the fourth quarter valued at $46,000. Itau Unibanco Holding S.A. lifted its stake in shares of Cogent Communications by 58.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock worth $48,000 after buying an additional 229 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after buying an additional 274 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Cogent Communications by 132.1% during the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock worth $67,000 after buying an additional 498 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth about $186,000. Institutional investors own 92.45% of the company's stock.

Wall Street Analyst Weigh In

CCOI has been the subject of several analyst reports. The Goldman Sachs Group dropped their price objective on shares of 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 research report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cogent Communications has a consensus rating of "Hold" and a consensus target price of $75.75.

Insider Transactions at Cogent Communications

In related news, CFO Thaddeus Gerard Weed sold 4,900 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total transaction of $235,396.00. Following the transaction, the chief financial officer directly owned 98,000 shares of the company's stock, valued at $4,707,920. This represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Dave Schaeffer sold 80,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $47.78, for a total transaction of $3,822,400.00. Following the transaction, the chief executive officer directly owned 3,701,721 shares in the company, valued at approximately $176,868,229.38. This represents a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 445,500 shares of company stock worth $21,285,069. Company insiders own 11.40% of the company's stock.

Cogent Communications Trading Down 5.8%

CCOI traded down $3.08 during trading on Friday, reaching $49.83. 533,934 shares of the company's stock were exchanged, compared to its average volume of 501,630. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 13.89. The stock has a market capitalization of $2.46 billion, a PE ratio of -12.45 and a beta of 0.73. The firm has a fifty day moving average price of $48.72 and a two-hundred day moving average price of $61.11.

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 (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 analyst estimates of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The firm's revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.38) EPS. As a group, equities 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 company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were given a $1.01 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.11%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's 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.