Fmr LLC Buys 79,474 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Fmr LLC raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 11.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 800,758 shares of the technology company’s stock after purchasing an additional 79,474 shares during the period. Fmr LLC’s holdings in Cogent Communications were worth $60,793,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CCOI. Thrivent Financial for Lutherans increased its position in Cogent Communications by 2,739.1% in 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 buying an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in Cogent Communications by 46.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock valued at $86,759,000 after acquiring an additional 485,628 shares during the period. Hood River Capital Management LLC increased its holdings in shares of Cogent Communications by 18.9% during the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after acquiring an additional 138,680 shares in the last quarter. AYAL Capital Advisors Ltd acquired a new position in shares of Cogent Communications during the second quarter worth approximately $6,372,000. Finally, Harspring Capital Management LLC lifted its holdings in shares of Cogent Communications by 6.0% in 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 in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on CCOI shares. Royal Bank of Canada restated an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup raised their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. TD Cowen lifted their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. increased their price objective 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 analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $80.25.

Insider Activity at Cogent Communications

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $81.42, for a total value of $156,326.40. Following the sale, the executive now directly owns 51,462 shares in the company, valued at $4,190,036.04. The trade was a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,800 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $81.58, for a total value of $391,584.00. Following the transaction, the chief financial officer now owns 88,500 shares of the company’s stock, valued at $7,219,830. The trade was a 5.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,816 shares of company stock worth $1,530,087. 11.40% of the stock is owned by company insiders.

Cogent Communications Trading Down 0.7 %

NASDAQ:CCOI opened at $78.15 on Friday. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The firm has a 50-day moving average price of $80.92 and a two-hundred day moving average price of $70.21. 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 cap of $3.83 billion, a price-to-earnings ratio of 100.19 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results 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 negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same period last year, the business posted ($1.13) earnings per share. Cogent Communications’s revenue was down 6.6% on a year-over-year basis. On average, equities analysts expect that Cogent Communications Holdings, Inc. will post -4.53 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $0.995 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date was Friday, November 22nd. Cogent Communications’s payout ratio is 510.26%.

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.