Tabor Asset Management LP Purchases Shares of 29,231 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Tabor Asset Management LP acquired a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 29,231 shares of the technology company's stock, valued at approximately $1,792,000. Tabor Asset Management LP owned approximately 0.06% of Cogent Communications as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Cogent Communications in the 4th quarter valued at $46,000. Itau Unibanco Holding S.A. grew its stake in shares of Cogent Communications by 58.9% in 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 last quarter. GAMMA Investing LLC grew its stake in shares of Cogent Communications by 35.4% in the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after purchasing an additional 274 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Cogent Communications in the fourth quarter worth about $186,000. Finally, Syon Capital LLC bought a new stake in shares of Cogent Communications in the fourth quarter worth about $214,000. Hedge funds and other institutional investors own 92.45% of the company's stock.

Insider Activity at Cogent Communications

In other news, CEO Dave Schaeffer sold 80,000 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $47.78, for a total value of $3,822,400.00. Following the transaction, the chief executive officer owned 3,701,721 shares of the company's stock, valued at approximately $176,868,229.38. The trade was a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total transaction of $235,396.00. Following the sale, the chief financial officer directly owned 98,000 shares in the company, valued at approximately $4,707,920. The trade was a 4.76% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 445,500 shares of company stock worth $21,285,069. 10.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CCOI has been the subject of several research reports. UBS Group decreased their price objective on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 9th. The Goldman Sachs Group decreased their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Cogent Communications has a consensus rating of "Hold" and an average price target of $75.75.

Cogent Communications Stock Performance

NASDAQ:CCOI traded down $0.07 during trading hours on Monday, reaching $49.94. The company had a trading volume of 26,094 shares, compared to its average volume of 503,417. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 13.89. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -12.47 and a beta of 0.73. The firm's 50 day moving average price is $48.74 and its 200-day moving average price is $60.70.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its 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). 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 return on equity of 70.29% and a negative net margin of 18.76%. The company's revenue for the quarter was down 7.2% on a year-over-year basis. During the same period last year, the firm posted ($1.38) EPS. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were paid a dividend of $1.01 per share. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date was Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.09%. Cogent Communications's payout ratio is -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.

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