Thoroughbred Financial Services LLC Grows Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Thoroughbred Financial Services LLC raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 11.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,321 shares of the technology company’s stock after acquiring an additional 650 shares during the period. Thoroughbred Financial Services LLC’s holdings in Cogent Communications were worth $480,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Cogent Communications in the 4th quarter worth about $50,430,000. Harspring Capital Management LLC increased its stake in Cogent Communications by 71.1% during the third quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock worth $60,910,000 after acquiring an additional 409,000 shares during the last quarter. FMR LLC raised its position in Cogent Communications by 58.9% during the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock valued at $43,987,000 after purchasing an additional 263,313 shares during the period. Jennison Associates LLC lifted its stake in shares of Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock valued at $63,028,000 after purchasing an additional 263,276 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. bought a new stake in shares of Cogent Communications in the 3rd quarter valued at approximately $14,447,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 50,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the transaction, the chief executive officer now directly owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cogent Communications news, CEO Dave Schaeffer sold 50,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the completion of the sale, the chief executive officer now owns 4,553,038 shares in the company, valued at $270,632,578.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the transaction, the executive now owns 54,822 shares in the company, valued at $4,200,461.64. The disclosure for this sale can be found here. Insiders sold 119,320 shares of company stock worth $7,641,997 over the last three months. 11.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CCOI. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. TD Cowen reduced their target price on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. Finally, JPMorgan Chase & Co. dropped their target price on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $75.14.

Cogent Communications Price Performance

Cogent Communications stock opened at $59.81 on Wednesday. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 2.37 and a beta of 0.39. The firm has a 50-day moving average of $63.12 and a two-hundred day moving average of $69.17. Cogent Communications Holdings, Inc. has a 1 year low of $57.11 and a 1 year high of $86.00. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. The firm had revenue of $272.10 million during the quarter, compared to analyst estimates of $275.82 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. On average, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd will be paid a dividend of $0.975 per share. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $3.90 annualized dividend and a dividend yield of 6.52%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s dividend payout ratio (DPR) is currently 15.29%.

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.