Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Position Raised by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. increased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 22.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,709 shares of the technology company's stock after acquiring an additional 11,273 shares during the quarter. Oppenheimer & Co. Inc. owned approximately 0.12% of Cogent Communications worth $3,783,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co raised its stake in Cogent Communications by 0.3% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock worth $4,055,000 after acquiring an additional 156 shares during the period. Royce & Associates LP raised its stake in Cogent Communications by 0.6% during the fourth 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 period. Itau Unibanco Holding S.A. raised its stake in 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 acquiring an additional 229 shares during the period. Ipswich Investment Management Co. Inc. increased its stake in shares of Cogent Communications by 0.6% in the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company's stock valued at $2,620,000 after purchasing an additional 260 shares during the period. Finally, Franklin Resources Inc. increased its stake 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 period. Institutional investors and hedge funds own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. The Goldman Sachs Group dropped 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 note on Friday, May 9th. UBS Group dropped 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 note on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $75.75.

Insider Activity

In related news, CEO Dave Schaeffer sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $48.67, for a total transaction of $973,400.00. Following the completion of the sale, the chief executive officer now directly owns 4,131,721 shares in the company, valued at approximately $201,090,861.07. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $47.95, for a total transaction of $115,080.00. Following the sale, the vice president now owns 38,600 shares of the company's stock, valued at $1,850,870. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 445,500 shares of company stock worth $21,285,069 over the last three months. Corporate insiders own 10.20% of the company's stock.

Cogent Communications Price Performance

Shares of Cogent Communications stock traded up $0.04 on Friday, hitting $48.20. The company had a trading volume of 849,800 shares, compared to its average volume of 507,660. The business has a 50-day simple moving average of $49.63 and a 200-day simple moving average of $63.40. The company has a debt-to-equity ratio of 13.89, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market cap of $2.38 billion, a PE ratio of -12.02 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.

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 the consensus estimate of ($1.05) by ($0.04). The company had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The company's revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the business earned ($1.38) earnings per share. Research 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 disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were issued a $1.01 dividend. 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 dividend yield of 8.38%. Cogent Communications's dividend payout ratio (DPR) is -100.75%.

Cogent Communications 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.