abrdn plc Reduces Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

abrdn plc reduced its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 20.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 310,547 shares of the technology company's stock after selling 79,577 shares during the quarter. abrdn plc owned about 0.64% of Cogent Communications worth $23,620,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FMR LLC raised its stake in Cogent Communications by 58.9% in the third quarter. FMR LLC now owns 710,612 shares of the technology company's stock valued at $43,987,000 after purchasing an additional 263,313 shares in the last quarter. Alps Advisors Inc. raised its stake in Cogent Communications by 107.2% in the third quarter. Alps Advisors Inc. now owns 46,822 shares of the technology company's stock valued at $2,898,000 after purchasing an additional 24,226 shares in the last quarter. Raymond James & Associates raised its stake in shares of Cogent Communications by 7.0% during the fourth quarter. Raymond James & Associates now owns 630,300 shares of the technology company's stock worth $47,941,000 after acquiring an additional 41,104 shares in the last quarter. River Road Asset Management LLC raised its stake in shares of Cogent Communications by 9.5% during the fourth quarter. River Road Asset Management LLC now owns 417,801 shares of the technology company's stock worth $31,778,000 after acquiring an additional 36,288 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Cogent Communications during the third quarter worth approximately $1,943,000. 92.45% of the stock is currently owned by institutional investors.

Insider Transactions at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 26,174 shares of the business's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $64.21, for a total value of $1,680,632.54. Following the completion of the transaction, the chief executive officer now owns 4,653,203 shares of the company's stock, valued at approximately $298,782,164.63. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total value of $176,328.00. Following the completion of the transaction, the vice president now owns 41,000 shares of the company's stock, valued at approximately $3,012,270. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Dave Schaeffer sold 26,174 shares of the business's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $64.21, for a total value of $1,680,632.54. Following the completion of the transaction, the chief executive officer now directly owns 4,653,203 shares of the company's stock, valued at approximately $298,782,164.63. The disclosure for this sale can be found here. Insiders sold a total of 69,320 shares of company stock valued at $4,669,997 in the last quarter. 11.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several research reports. TD Cowen lifted their price target on shares of Cogent Communications from $81.00 to $84.00 and gave the stock an "outperform" rating in a research note on Friday, March 1st. Bank of America downgraded shares of Cogent Communications from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. StockNews.com raised shares of Cogent Communications from a "sell" rating to a "hold" rating in a research note on Wednesday, April 17th. TheStreet raised shares of Cogent Communications from a "c+" rating to a "b" rating in a research note on Thursday, February 29th. Finally, KeyCorp lifted their price target on shares of Cogent Communications from $85.00 to $88.00 and gave the company an "overweight" rating in a report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $77.57.

Cogent Communications Stock Up 1.0 %

Shares of CCOI stock traded up $0.64 during mid-day trading on Wednesday, reaching $64.96. 294,615 shares of the company's stock traded hands, compared to its average volume of 409,672. Cogent Communications Holdings, Inc. has a 12 month low of $57.35 and a 12 month high of $86.00. The company has a market cap of $3.08 billion, a P/E ratio of 2.43 and a beta of 0.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.24. The company's 50-day moving average price is $68.17 and its 200-day moving average price is $69.48.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating analysts' consensus estimates of ($0.95) by $0.79. The firm had revenue of $272.10 million for the quarter, compared to analysts' expectations of $275.82 million. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. On average, equities analysts expect that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th were given a $0.965 dividend. This represents a $3.86 annualized dividend and a dividend yield of 5.94%. The ex-dividend date was Thursday, March 14th. This is a positive change from Cogent Communications's previous quarterly dividend of $0.96. Cogent Communications's payout ratio is currently 14.43%.

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.