ProShare Advisors LLC Has $204,000 Holdings in Cogent Communications Holdings, Inc. $CCOI

Key Points

• ProShare Advisors sharply cut its Cogent Communications stake by 94.7% in the fourth quarter, ending with 9,471 shares worth about $204,000.
• Insiders sold shares in recent transactions, including Director Sheryl Lynn Kennedy and CFO Thaddeus Gerard Weed; overall insider sales totaled 12,756 shares worth about $292,467 over the last 90 days.
• Analysts remain cautious on CCOI, with an average rating of Hold and a consensus price target of $24.90, while the stock traded around $17.40 after the company reported a smaller-than-expected quarterly loss but slightly missed revenue estimates.

ProShare Advisors LLC reduced its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 94.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,471 shares of the technology company's stock after selling 167,642 shares during the quarter. ProShare Advisors LLC's holdings in Cogent Communications were worth $204,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in shares of Cogent Communications during the 3rd quarter worth approximately $27,000. Strs Ohio bought a new position in shares of Cogent Communications during the 1st quarter worth approximately $104,000. Headlands Technologies LLC bought a new position in shares of Cogent Communications during the 2nd quarter worth approximately $98,000. Aquatic Capital Management LLC bought a new position in shares of Cogent Communications during the 3rd quarter worth approximately $79,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Cogent Communications by 56.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company's stock worth $45,000 after acquiring an additional 756 shares in the last quarter. 92.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 3,300 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $22.99, for a total transaction of $75,867.00. Following the completion of the sale, the director owned 10,100 shares of the company's stock, valued at $232,199. This trade represents a 24.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $22.63, for a total value of $109,755.50. Following the sale, the chief financial officer directly owned 202,750 shares of the company's stock, valued at $4,588,232.50. This represents a 2.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,756 shares of company stock worth $292,467 over the last ninety days. 4.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on CCOI. Royal Bank Of Canada decreased their price target on shares of Cogent Communications from $22.00 to $18.00 and set a "sector perform" rating for the company in a research note on Wednesday, May 6th. Weiss Ratings cut shares of Cogent Communications from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, May 20th. Wall Street Zen raised shares of Cogent Communications from a "strong sell" rating to a "sell" rating in a research note on Sunday, April 26th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $22.00 price target on shares of Cogent Communications in a research note on Friday, May 29th. Finally, TD Cowen decreased their price target on shares of Cogent Communications from $40.00 to $34.00 and set a "buy" rating for the company in a research note on Tuesday, May 5th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $24.90.

Cogent Communications Trading Down 1.6%

NASDAQ CCOI opened at $17.40 on Wednesday. The company has a market cap of $871.36 million, a PE ratio of -4.90 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 12 month low of $14.82 and a 12 month high of $54.37. The stock has a 50 day moving average of $19.66 and a 200-day moving average of $21.05.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, topping analysts' consensus estimates of ($1.03) by $0.20. The firm had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business's revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.09) earnings per share. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.5%. Cogent Communications's dividend payout ratio is currently -2.25%.

About Cogent Communications

Cogent Communications NASDAQ: CCOI is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent's core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.

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