Vanguard Group Inc. Has $120.31 Million Stock Position in Cogent Communications Holdings, Inc. $CCOI

Vanguard Group Inc. grew its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 5,580,271 shares of the technology company’s stock after purchasing an additional 217,450 shares during the period. Vanguard Group Inc. owned about 0.11% of Cogent Communications worth $120,311,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of CCOI. Envestnet Portfolio Solutions Inc. grew its stake in shares of Cogent Communications by 3.6% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock worth $289,000 after acquiring an additional 262 shares in the last quarter. Keybank National Association OH grew its position in Cogent Communications by 5.7% in the 3rd quarter. Keybank National Association OH now owns 6,835 shares of the technology company’s stock worth $262,000 after purchasing an additional 370 shares in the last quarter. Empowered Funds LLC increased its stake in Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after buying an additional 510 shares during the last quarter. Covestor Ltd grew its stake in Cogent Communications by 34.0% in the 3rd quarter. Covestor Ltd now owns 2,705 shares of the technology company’s stock valued at $104,000 after purchasing an additional 686 shares during the period. Finally, Quarry LP purchased a new stake in shares of Cogent Communications in the third quarter worth about $27,000. 92.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. TD Cowen reduced their price objective on Cogent Communications from $40.00 to $34.00 and set a “buy” rating on the stock in a research report on Tuesday, May 5th. Wells Fargo & Company decreased their price target on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a research report on Sunday, April 26th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $22.00 target price (down from $23.00) on shares of Cogent Communications in a report on Tuesday, May 5th. Finally, Williams Trading set a $40.00 price objective on shares of Cogent Communications in a research report on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average price target of $25.40.

Insider Buying and Selling

In related news, Director Lewis H. Ferguson sold 2,206 shares of Cogent Communications stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total transaction of $50,804.18. Following the transaction, the director owned 20,449 shares in the company, valued at approximately $470,940.47. The trade was a 9.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $22.63, for a total value of $109,755.50. Following the transaction, the chief financial officer owned 202,750 shares of the company’s stock, valued at approximately $4,588,232.50. The trade was a 2.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 12,756 shares of company stock worth $292,467. 4.20% of the stock is currently owned by corporate insiders.

Cogent Communications Stock Performance

Cogent Communications stock opened at $16.11 on Wednesday. Cogent Communications Holdings, Inc. has a fifty-two week low of $14.82 and a fifty-two week high of $54.37. The stock’s 50 day simple moving average is $20.53 and its two-hundred day simple moving average is $22.85. The stock has a market cap of $806.76 million, a price-to-earnings ratio of -4.54 and a beta of 0.85.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. The company had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted ($1.09) EPS. On average, analysts predict that Cogent Communications Holdings, Inc. will post -3.9 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.25%.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.