Turtle Creek Asset Management Inc. Increases Holdings in Cogent Communications Holdings, Inc. $CCOI

Turtle Creek Asset Management Inc. raised its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,348,897 shares of the technology company’s stock after acquiring an additional 312,050 shares during the quarter. Cogent Communications makes up 3.0% of Turtle Creek Asset Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Turtle Creek Asset Management Inc. owned about 0.09% of Cogent Communications worth $81,933,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Cogent Communications by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after acquiring an additional 217,450 shares in the last quarter. State Street Corp lifted its stake in Cogent Communications by 6.8% during the fourth quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after purchasing an additional 132,454 shares during the last quarter. Park West Asset Management LLC acquired a new position in Cogent Communications in the fourth quarter valued at approximately $30,380,000. Invesco Ltd. raised its holdings in Cogent Communications by 39.8% during the third quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock worth $53,790,000 after purchasing an additional 399,339 shares in the last quarter. Finally, Harspring Capital Management LLC raised its holdings in Cogent Communications by 60.3% during the fourth quarter. Harspring Capital Management LLC now owns 1,402,500 shares of the technology company’s stock worth $30,238,000 after purchasing an additional 527,500 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Down 2.0%

Shares of NASDAQ CCOI opened at $12.69 on Thursday. The stock has a market cap of $635.31 million, a P/E ratio of -3.57 and a beta of 0.80. Cogent Communications Holdings, Inc. has a twelve month low of $10.93 and a twelve month high of $47.33. The stock has a 50 day moving average of $14.63 and a two-hundred day moving average of $19.06.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted ($1.09) earnings per share. As a group, research analysts predict that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.25%.

Cogent Communications News Roundup

Here are the key news stories impacting Cogent Communications this week:

• Positive Sentiment: Cogent announced that CEO Dave Schaeffer will present at three upcoming investor conferences, including the KeyBanc Technology Leadership Forum on August 10. The events could give management an opportunity to address investor concerns about demand, the wavelength business and the company’s financial outlook. Cogent Communications CEO to Present at Three Upcoming Conferences
• Neutral Sentiment: An investment article argued that Cogent’s valuation may look more attractive when its T-Mobile-related business is excluded, suggesting potential upside if investors place greater value on the company’s remaining operations. The article does not represent a new company announcement or change to guidance. Cogent Communications: Strip Out T-Mobile And The Discount Disappears
• Negative Sentiment: Robbins Geller filed a securities class-action lawsuit against Cogent and certain executives, alleging that investors were misled by false or incomplete statements. The allegations reportedly concern the nature of the wavelength backlog and demand for the business. The lead-plaintiff deadline is September 21, 2026. Robbins Geller class-action lawsuit announcement
• Negative Sentiment: Several other law firms publicized the same pending lawsuit and encouraged affected shareholders to seek lead-plaintiff status. Their notices cite alleged nondisclosure of weak or uncertain wavelength demand, an overstated backlog, the sustainability of Cogent’s dividend and risks associated with pledged insider shares and possible forced sales. These repeated announcements increase legal and reputational overhang, although the claims remain unproven. Levi & Korsinsky lawsuit notice

Insiders Place Their Bets

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares in the company, valued at approximately $656,586. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total value of $81,431.50. Following the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CCOI shares. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Citigroup cut their price target on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. Wells Fargo & Company reduced their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a research report on Thursday, May 7th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $22.00 price objective on shares of Cogent Communications in a research note on Friday, May 29th. Finally, Weiss Ratings lowered Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $24.90.

About Cogent Communications

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.