Westwood Holdings Group Inc. Has $41.32 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Key Points

• Westwood Holdings Group Inc. has increased its stake in Cogent Communications Holdings, Inc. by 15.3%, now owning approximately 1.36% of the company, valued at $41.32 million.
• Insider selling includes CEO Dave Schaeffer selling 80,000 shares for about $3.82 million, representing a 2.12% decrease in ownership.
• The most recent quarterly earnings report showed Cogent Communications reporting ($1.09) earnings per share, missing estimates and marking a 7.2% year-over-year revenue decline.

Westwood Holdings Group Inc. increased its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 15.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 673,921 shares of the technology company's stock after purchasing an additional 89,536 shares during the period. Westwood Holdings Group Inc. owned approximately 1.36% of Cogent Communications worth $41,318,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. lifted its position 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 buying an additional 229 shares in the last quarter. GAMMA Investing LLC lifted its position in Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after buying an additional 274 shares in the last quarter. Syon Capital LLC bought a new stake in Cogent Communications during the 4th quarter worth about $214,000. Xponance Inc. lifted its position in Cogent Communications by 9.7% during the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company's stock worth $214,000 after buying an additional 308 shares in the last quarter. Finally, TradeLink Capital LLC lifted its position in Cogent Communications by 14.4% during the 1st quarter. TradeLink Capital LLC now owns 3,498 shares of the technology company's stock worth $214,000 after buying an additional 440 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cogent Communications

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

Analyst Ratings Changes

Several brokerages have commented on CCOI. 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. The Goldman Sachs Group dropped their target price on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Cogent Communications currently has an average rating of "Hold" and an average price target of $75.75.

Cogent Communications Stock Up 0.9%

Cogent Communications stock opened at $45.70 on Wednesday. The stock has a market cap of $2.25 billion, a P/E ratio of -11.40 and a beta of 0.68. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76. The company's 50-day moving average price is $48.34 and its two-hundred day moving average price is $58.65.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share 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 firm's revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.38) earnings per share. As a group, analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

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.

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