PEAK6 Investments LLC Acquires Shares of 22,651 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

PEAK6 Investments LLC bought a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,651 shares of the technology company’s stock, valued at approximately $1,720,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. raised its position in Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after purchasing an additional 272 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after buying an additional 226 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after buying an additional 441 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Cogent Communications during the third quarter worth about $46,000. Finally, GAMMA Investing LLC increased its position in Cogent Communications by 207.0% in the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock valued at $50,000 after acquiring an additional 445 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cogent Communications news, Director Blake Bath sold 6,220 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the sale, the director now owns 10,000 shares in the company, valued at approximately $836,900. This represents a 38.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the transaction, the executive now directly owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,016 shares of company stock worth $1,116,135 in the last three months. Corporate insiders own 11.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on CCOI shares. The Goldman Sachs Group lifted their target price on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. raised their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. UBS Group initiated coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They set a “buy” rating and a $102.00 price target on the stock. Finally, TD Cowen raised their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $80.25.

Cogent Communications Price Performance

CCOI stock opened at $82.19 on Monday. The firm has a 50 day moving average of $80.34 and a 200-day moving average of $69.55. The company has a market cap of $4.03 billion, a price-to-earnings ratio of 105.37 and a beta of 0.40. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76.

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

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a dividend yield of 4.84%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s payout ratio is 510.26%.

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.