Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Holdings Decreased by Harber Asset Management LLC

Harber Asset Management LLC cut its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 47.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,116 shares of the technology company’s stock after selling 59,402 shares during the quarter. Cogent Communications makes up 1.5% of Harber Asset Management LLC’s portfolio, making the stock its 24th biggest holding. Harber Asset Management LLC owned 0.13% of Cogent Communications worth $4,944,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CCOI. Harbor Capital Advisors Inc. grew its stake in shares of Cogent Communications by 289.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company’s stock worth $566,000 after acquiring an additional 7,448 shares in the last quarter. NBC Securities Inc. grew its holdings in shares of Cogent Communications by 4.1% during the 2nd quarter. NBC Securities Inc. now owns 54,617 shares of the technology company’s stock valued at $3,082,000 after purchasing an additional 2,162 shares during the last quarter. Richard P Slaughter Associates Inc bought a new position in Cogent Communications in the second quarter worth about $689,000. Prairieview Wealth Partners LLC boosted its stake in Cogent Communications by 5.4% during the 2nd quarter. Prairieview Wealth Partners LLC now owns 9,302 shares of the technology company’s stock valued at $525,000 after purchasing an additional 480 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. increased its position in Cogent Communications by 4.6% in the second quarter. Ipswich Investment Management Co. Inc. now owns 40,894 shares of the technology company’s stock worth $2,308,000 after buying an additional 1,805 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Trading Up 1.3 %

Shares of CCOI opened at $83.29 on Tuesday. The firm’s fifty day moving average is $80.34 and its two-hundred day moving average is $69.62. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The stock has a market cap of $4.08 billion, a PE ratio of 106.78 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76.

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

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.78%. 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 dividend payout ratio (DPR) is presently 510.26%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CCOI. Citigroup raised their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. UBS Group initiated coverage on shares of Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Finally, Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Two 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 assigned a strong buy rating to the company. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Insider Buying and Selling

In other Cogent Communications news, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the sale, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. The trade was a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lewis H. Ferguson sold 846 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.76, for a total value of $69,168.96. Following the completion of the sale, the director now owns 18,354 shares of the company’s stock, valued at $1,500,623.04. The trade was a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,016 shares of company stock valued at $1,116,135. Insiders own 11.40% of the company’s stock.

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.