Oppenheimer & Co. Inc. Has $3.78 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Oppenheimer & Co. Inc. raised its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 22.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 61,709 shares of the technology company's stock after purchasing an additional 11,273 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.12% of Cogent Communications worth $3,783,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co boosted its position in shares of Cogent Communications by 0.3% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock valued at $4,055,000 after buying an additional 156 shares during the last quarter. Royce & Associates LP boosted its holdings in Cogent Communications by 0.6% during the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock worth $2,611,000 after acquiring an additional 218 shares during the last quarter. Itau Unibanco Holding S.A. boosted its holdings in 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 acquiring an additional 229 shares during the last quarter. Ipswich Investment Management Co. Inc. grew its stake in shares of 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 worth $2,620,000 after acquiring an additional 260 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Cogent Communications by 5.8% in the fourth quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company's stock valued at $373,000 after purchasing an additional 263 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company's stock.

Insider Activity

In other news, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the completion of the transaction, the vice president now owns 38,600 shares in the company, valued at $1,850,870. This trade represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dave Schaeffer sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $46.27, for a total transaction of $1,156,750.00. Following the sale, the chief executive officer now owns 4,176,721 shares in the company, valued at $193,256,880.67. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 445,500 shares of company stock valued at $21,285,069 in the last 90 days. Insiders own 11.40% of the company's stock.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $48.15 on Thursday. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -12.01 and a beta of 0.72. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The firm's 50-day simple moving average is $49.82 and its two-hundred day simple moving average is $63.97.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings results 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 return on equity of 70.29% and a negative net margin of 18.76%. The company had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. During the same period last year, the firm posted ($1.38) EPS. The company's revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were paid a $1.01 dividend. The ex-dividend date was Thursday, May 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a dividend yield of 8.39%. Cogent Communications's payout ratio is presently -100.75%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CCOI shares. Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a report on Monday, March 3rd. UBS Group dropped their target price 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. Finally, The Goldman Sachs Group cut their target price on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cogent Communications currently has a consensus rating of "Hold" and an average price target of $75.75.

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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