GSA Capital Partners LLP Boosts Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

GSA Capital Partners LLP raised its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 19,192 shares of the technology company’s stock after buying an additional 1,313 shares during the period. GSA Capital Partners LLP’s holdings in Cogent Communications were worth $1,457,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CCOI. EdgePoint Investment Group Inc. grew its holdings in Cogent Communications by 46.2% during the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after acquiring an additional 485,628 shares during the period. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 6.0% during the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after purchasing an additional 66,500 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of Cogent Communications by 2,739.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock valued at $58,430,000 after purchasing an additional 998,796 shares in the last quarter. Capital World Investors increased its holdings in shares of Cogent Communications by 327.7% during the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after purchasing an additional 752,133 shares in the last quarter. Finally, Hood River Capital Management LLC lifted its stake in shares of Cogent Communications by 18.9% in the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after purchasing an additional 138,680 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CCOI. Royal Bank of Canada restated an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. TD Cowen raised their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. The Goldman Sachs Group raised their price objective on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. upped their target price on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and an average price target of $77.14.

Insider Activity

In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the transaction, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Sheryl Lynn Kennedy sold 1,350 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $80.58, for a total transaction of $108,783.00. Following the completion of the sale, the director now directly owns 10,318 shares of the company’s stock, valued at approximately $831,424.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the transaction, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,500 shares of company stock valued at $5,008,175. 11.40% of the stock is currently owned by insiders.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $78.64 on Thursday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The company has a market cap of $3.85 billion, a PE ratio of 100.82 and a beta of 0.40. The stock’s 50 day simple moving average is $77.97 and its 200-day simple moving average is $67.95.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million for the quarter, compared to analysts’ expectations of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.13) EPS. As a group, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s payout ratio is currently 505.13%.

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.