Envestnet Portfolio Solutions Inc. Invests $351,000 in Cogent Communications Holdings, Inc. $CCOI

Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,272 shares of the technology company's stock, valued at approximately $351,000.

Several other institutional investors also recently modified their holdings of CCOI. AlphaQuest LLC purchased a new stake in shares of Cogent Communications during the first quarter valued at $36,000. Farther Finance Advisors LLC boosted its position in shares of Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company's stock valued at $36,000 after buying an additional 554 shares during the last quarter. Byrne Asset Management LLC purchased a new stake in shares of Cogent Communications during the second quarter valued at $41,000. Resources Management Corp CT ADV purchased a new stake in shares of Cogent Communications during the first quarter valued at $48,000. Finally, SVB Wealth LLC purchased a new stake in shares of Cogent Communications during the first quarter valued at $58,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Stock Down 0.9%

NASDAQ CCOI opened at $42.72 on Friday. The stock's 50-day moving average price is $39.43 and its 200-day moving average price is $45.49. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 52 week low of $29.61 and a 52 week high of $86.76. The company has a market capitalization of $2.10 billion, a P/E ratio of -9.41 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported ($1.21) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.28). Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The company had revenue of $246.25 million during the quarter, compared to the consensus estimate of $247.79 million. During the same period last year, the business earned ($0.68) EPS. The firm's quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications announced that its board has initiated a stock repurchase program on Thursday, August 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were paid a $1.015 dividend. This represents a $4.06 annualized dividend and a dividend yield of 9.5%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, August 21st. Cogent Communications's dividend payout ratio is -89.43%.

Insider Transactions at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the sale, the vice president owned 36,200 shares in the company, valued at approximately $1,339,038. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 2,000 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $36.35, for a total value of $72,700.00. Following the sale, the director owned 10,017 shares of the company's stock, valued at $364,117.95. This represents a 16.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,663,978 shares of company stock valued at $82,687,283 over the last quarter. 11.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Citigroup cut Cogent Communications from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $67.00 to $33.00 in a research report on Tuesday, August 12th. Wells Fargo & Company raised Cogent Communications from an "underweight" rating to an "overweight" rating and set a $45.00 price objective on the stock in a research report on Monday, August 18th. Weiss Ratings reissued a "sell (d)" rating on shares of Cogent Communications in a report on Wednesday, October 8th. Zacks Research downgraded Cogent Communications from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 14th. Finally, The Goldman Sachs Group began coverage on Cogent Communications in a report on Tuesday, September 2nd. They issued a "neutral" rating and a $40.00 target price on the stock. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $46.60.

About Cogent Communications

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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