Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Acquired by SG Capital Management LLC

SG Capital Management LLC grew its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 105.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 201,916 shares of the technology company's stock after purchasing an additional 103,498 shares during the quarter. Cogent Communications makes up approximately 1.5% of SG Capital Management LLC's portfolio, making the stock its 20th largest holding. SG Capital Management LLC owned 0.41% of Cogent Communications worth $15,562,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CCOI. Vanguard Group Inc. raised its position in shares of Cogent Communications by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock valued at $394,182,000 after acquiring an additional 43,523 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of Cogent Communications by 24.1% in the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company's stock worth $146,209,000 after purchasing an additional 368,129 shares in the last quarter. Hood River Capital Management LLC lifted its position in shares of Cogent Communications by 21.8% during the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock valued at $110,738,000 after acquiring an additional 257,383 shares during the last quarter. DigitalBridge Group Inc. increased its stake in Cogent Communications by 246.0% in the 4th quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company's stock worth $69,973,000 after purchasing an additional 645,521 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Cogent Communications by 45.7% during the fourth quarter. Ameriprise Financial Inc. now owns 752,158 shares of the technology company's stock worth $57,961,000 after purchasing an additional 235,842 shares during the period. Institutional investors and hedge funds own 92.45% of the company's stock.

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of analyst reports. UBS Group lowered their target price on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. The Goldman Sachs Group reduced their price target on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, StockNews.com upgraded Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Two 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. According to data from MarketBeat, Cogent Communications currently has an average rating of "Hold" and an average target price of $75.75.

Cogent Communications Trading Down 6.3%

NASDAQ:CCOI traded down $3.14 during trading hours on Wednesday, reaching $46.71. The company's stock had a trading volume of 601,746 shares, compared to its average volume of 474,988. The firm has a 50-day simple moving average of $56.37 and a 200-day simple moving average of $69.97. Cogent Communications Holdings, Inc. has a 1 year low of $45.00 and a 1 year high of $86.76. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 59.63 and a beta of 0.76.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. During the same period in the previous year, the company earned ($1.38) earnings per share. Cogent Communications's quarterly revenue was down 7.2% on a year-over-year basis. Research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Thursday, May 22nd will be given a $1.01 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a yield of 8.65%. Cogent Communications's dividend payout ratio is -100.75%.

Insider Activity at Cogent Communications

In related news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total transaction of $353,094.00. Following the completion of the transaction, the chief financial officer now directly owns 103,000 shares of the company's stock, valued at approximately $7,422,180. The trade was a 4.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $72.96, for a total value of $103,968.00. Following the transaction, the director now owns 10,147 shares in the company, valued at approximately $740,325.12. This represents a 12.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock valued at $840,878 over the last ninety days. Insiders own 10.20% of the company's stock.

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.