Moran Wealth Management LLC Acquires New Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Moran Wealth Management LLC purchased a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 39,709 shares of the technology company's stock, valued at approximately $3,020,000. Moran Wealth Management LLC owned 0.08% of Cogent Communications at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ellsworth Advisors LLC grew its position in Cogent Communications by 2.5% in the fourth quarter. Ellsworth Advisors LLC now owns 5,932 shares of the technology company's stock valued at $451,000 after acquiring an additional 147 shares during the last quarter. Arizona State Retirement System lifted its stake in Cogent Communications by 1.3% in the 3rd quarter. Arizona State Retirement System now owns 12,379 shares of the technology company's stock valued at $766,000 after purchasing an additional 156 shares during the last quarter. Truist Financial Corp boosted its position in Cogent Communications by 5.9% in the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company's stock valued at $321,000 after buying an additional 237 shares in the last quarter. Strs Ohio increased its holdings in shares of Cogent Communications by 20.0% during the third quarter. Strs Ohio now owns 1,800 shares of the technology company's stock worth $111,000 after buying an additional 300 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Cogent Communications by 109.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company's stock valued at $48,000 after acquiring an additional 333 shares during 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 50,000 shares of Cogent Communications stock in a transaction on Monday, May 13th. The stock was sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the sale, the chief executive officer now directly owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related 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 transaction of $176,328.00. Following the completion of the transaction, the vice president now directly owns 41,000 shares in the company, valued at $3,012,270. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Dave Schaeffer sold 50,000 shares of the firm's stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $59.44, for a total value of $2,972,000.00. Following the completion of the sale, the chief executive officer now directly owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,320 shares of company stock worth $7,641,997. Insiders own 11.00% of the company's stock.

Analyst Ratings Changes

CCOI has been the subject of several research reports. JPMorgan Chase & Co. dropped their target price on Cogent Communications from $73.00 to $70.00 and set a "neutral" rating for the company in a research report on Monday. TD Cowen decreased their price target on Cogent Communications from $84.00 to $78.00 and set a "buy" rating for the company in a research note on Friday. StockNews.com lowered Cogent Communications from a "hold" rating to a "sell" rating in a research note on Thursday, April 25th. TheStreet raised shares of Cogent Communications from a "c+" rating to a "b" rating in a research note on Thursday, February 29th. Finally, KeyCorp cut their target price on Cogent Communications from $88.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $75.14.

Cogent Communications Stock Down 1.0 %

NASDAQ CCOI traded down $0.60 during trading hours on Tuesday, hitting $58.51. The company's stock had a trading volume of 810,914 shares, compared to its average volume of 422,855. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. The company's 50-day simple moving average is $64.39 and its two-hundred day simple moving average is $69.44. The company has a market capitalization of $2.77 billion, a PE ratio of 2.32 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 52 week low of $57.35 and a 52 week high of $86.00.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.95) by $0.79. The business had revenue of $272.10 million during the quarter, compared to the consensus estimate of $275.82 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. Research analysts anticipate that Cogent Communications Holdings, Inc. will post -4 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd will be given a $0.975 dividend. This represents a $3.90 dividend on an annualized basis and a yield of 6.67%. This is an increase from Cogent Communications's previous quarterly dividend of $0.97. The ex-dividend date is Wednesday, May 22nd. Cogent Communications's dividend payout ratio is presently 15.29%.

About Cogent Communications

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.