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 its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,192 shares of the technology company's stock after purchasing an additional 63,419 shares during the quarter. GAMMA Investing LLC owned 0.13% of Cogent Communications worth $3,936,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hillsdale Investment Management Inc. bought a new stake in shares of Cogent Communications during the 4th quarter valued at approximately $46,000. Itau Unibanco Holding S.A. lifted its holdings in shares of Cogent Communications by 58.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock worth $48,000 after purchasing an additional 229 shares during the period. BankPlus Trust Department acquired a new position in Cogent Communications in the fourth quarter valued at $63,000. Jones Financial Companies Lllp boosted its position in Cogent Communications by 132.1% during the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock valued at $67,000 after acquiring an additional 498 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in Cogent Communications by 212.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company's stock valued at $113,000 after acquiring an additional 1,015 shares during the last quarter. 92.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Dave Schaeffer sold 55,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $48.51, for a total transaction of $2,668,050.00. Following the completion of the transaction, the chief executive officer now directly owns 3,536,721 shares of the company's stock, valued at $171,566,335.71. This represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 1,100 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $47.57, for a total transaction of $52,327.00. Following the transaction, the director now directly owns 18,904 shares of the company's stock, valued at $899,263.28. This represents a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 320,500 shares of company stock valued at $15,380,369. Corporate insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

CCOI has been the topic of a number of research analyst reports. The Goldman Sachs Group cut their price target on shares of 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 raised shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Finally, UBS Group cut their price target on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Two investment 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.com, the company has a consensus rating of "Hold" and an average target price of $75.75.

Cogent Communications Stock Down 2.1%

CCOI stock traded down $1.02 during trading on Friday, reaching $46.98. The stock had a trading volume of 889,620 shares, compared to its average volume of 502,558. Cogent Communications Holdings, Inc. has a one year low of $43.65 and a one year high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The company's 50 day moving average is $50.58 and its two-hundred day moving average is $65.81. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 60.23 and a beta of 0.72.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued 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 the consensus estimate of $250.81 million. During the same period in the previous year, the company posted ($1.38) earnings per share. The company's revenue for the quarter was down 7.2% on a year-over-year basis. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were given a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 8.60%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, May 22nd. Cogent Communications's dividend payout ratio is presently -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.