Capital Insight Partners LLC Has $4.78 Million Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

10 Oct 2024, 18:31 by Mitch Edgeman · The Markets Daily

Capital Insight Partners LLC raised its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 0.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,952 shares of the technology company’s stock after purchasing an additional 331 shares during the quarter. Capital Insight Partners LLC’s holdings in Cogent Communications were worth $4,779,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Syon Capital LLC acquired a new position in Cogent Communications in the fourth quarter valued at $211,000. Goldman Sachs Group Inc. grew its position in Cogent Communications by 12.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 218,174 shares of the technology company’s stock valued at $16,594,000 after buying an additional 24,185 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in Cogent Communications in the fourth quarter valued at approximately $405,000. Prairieview Wealth Partners LLC increased its holdings in Cogent Communications by 5.8% in the 1st quarter. Prairieview Wealth Partners LLC now owns 8,822 shares of the technology company’s stock worth $576,000 after acquiring an additional 480 shares during the last quarter. Finally, BTC Capital Management Inc. purchased a new stake in shares of Cogent Communications during the 1st quarter valued at approximately $336,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CCOI. JPMorgan Chase & Co. upped their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. The Goldman Sachs Group upped their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. TD Cowen lifted their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $77.14.

Get Our Latest Report on Cogent Communications

Cogent Communications Stock Performance

CCOI traded down $1.48 on Thursday, reaching $79.66. The stock had a trading volume of 81,307 shares, compared to its average volume of 451,085. The company has a market cap of $3.91 billion, a P/E ratio of 3.21 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.00. The business’s 50-day moving average price is $72.41 and its two-hundred day moving average price is $64.80. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. The business had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted ($0.13) EPS. Sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were given a $0.985 dividend. This represents a $3.94 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio (DPR) is currently 15.61%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the transaction, the director now owns 17,748 shares in the company, valued at approximately $1,288,859.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,870 shares of company stock valued at $4,716,057 in the last quarter. Corporate insiders own 11.40% of the company’s stock.

About Cogent Communications

(Free Report)

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.