XTX Topco Ltd Invests $1.23 Million in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Key Points

• XTX Topco Ltd has acquired a new stake of 19,991 shares in Cogent Communications Holdings, valued at approximately $1,226,000.
• Recent analyst reports have downgraded Cogent Communications' target prices, with UBS Group lowering it from $102 to $75.
• Cogent Communications reported a quarterly loss of ($1.09) earnings per share, missing analysts' estimates, and its revenue decreased by 7.2% year-over-year.

XTX Topco Ltd purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,991 shares of the technology company's stock, valued at approximately $1,226,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co lifted its stake in shares of Cogent Communications by 0.3% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock worth $4,055,000 after buying an additional 156 shares during the last quarter. Itau Unibanco Holding S.A. boosted its position in Cogent Communications by 58.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after buying an additional 229 shares during the last quarter. Ipswich Investment Management Co. Inc. raised its position 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 valued at $2,620,000 after acquiring an additional 260 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Cogent Communications by 5.8% during the 4th 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 in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Cogent Communications by 35.4% during the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after buying an additional 274 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CCOI. UBS Group cut their target price on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group decreased their price target on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Two 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $75.75.

Insiders Place Their Bets

In related news, CEO Dave Schaeffer sold 80,000 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 3,701,721 shares of the company's stock, valued at $176,868,229.38. The trade was a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the transaction, the vice president directly owned 38,600 shares of the company's stock, valued at approximately $1,850,870. This trade represents a 5.85% 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. Company insiders own 10.20% of the company's stock.

Cogent Communications Price Performance

CCOI traded down $1.82 during midday trading on Wednesday, hitting $43.88. The stock had a trading volume of 1,234,286 shares, compared to its average volume of 598,453. The company has a market cap of $2.17 billion, a P/E ratio of -10.94 and a beta of 0.68. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The business has a fifty day moving average of $48.34 and a 200 day moving average of $58.65.

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 net margin of 18.76% and a negative return on equity of 70.29%. The firm had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. During the same quarter in the prior year, the company earned ($1.38) earnings per share. The company's quarterly revenue 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 fiscal year.

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.