GAMMA Investing LLC Buys 63,419 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

GAMMA Investing LLC lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 8,204.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,192 shares of the technology company's stock after buying an additional 63,419 shares during the period. GAMMA Investing LLC owned about 0.13% of Cogent Communications worth $3,936,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock worth $394,182,000 after purchasing an additional 43,523 shares during the last quarter. Brown Advisory Inc. boosted its position in Cogent Communications by 24.1% in the fourth quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company's stock worth $146,209,000 after purchasing an additional 368,129 shares during the last quarter. Hood River Capital Management LLC boosted its position in Cogent Communications by 21.8% in the fourth quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock worth $110,738,000 after purchasing an additional 257,383 shares during the last quarter. DigitalBridge Group Inc. boosted its position in Cogent Communications by 246.0% in the fourth quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company's stock worth $69,973,000 after purchasing an additional 645,521 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in Cogent Communications by 45.7% in the fourth quarter. Ameriprise Financial Inc. now owns 752,158 shares of the technology company's stock worth $57,961,000 after purchasing an additional 235,842 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company's stock.

Insider Activity at Cogent Communications

In other news, 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 value of $235,396.00. Following the completion of the transaction, the chief financial officer now owns 98,000 shares of the company's stock, valued at approximately $4,707,920. This represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $46.27, for a total value of $1,156,750.00. Following the completion of the transaction, the chief executive officer now directly owns 4,176,721 shares of the company's stock, valued at $193,256,880.67. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 320,500 shares of company stock worth $15,380,369 in the last ninety days. 10.20% of the stock is owned by company insiders.

Cogent Communications Price Performance

NASDAQ CCOI traded down $1.02 during trading on Friday, reaching $46.98. The company's stock had a trading volume of 889,620 shares, compared to its average volume of 502,334. The stock has a market capitalization of $2.32 billion, a PE ratio of 60.23 and a beta of 0.72. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a fifty day moving average of $50.58 and a 200 day moving average of $65.69. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data 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). Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $247.05 million during the quarter, compared to analysts' expectations of $250.81 million. During the same quarter in the previous year, the company posted ($1.38) earnings per share. Cogent Communications's revenue for the quarter was down 7.2% compared to the same quarter last year. Analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were issued a dividend of $1.01 per share. The ex-dividend date was Thursday, May 22nd. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a yield of 8.60%. Cogent Communications's dividend payout ratio is currently -100.75%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CCOI shares. The Goldman Sachs Group cut their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Wall Street Zen upgraded Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Finally, UBS Group lowered their target price 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. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.