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Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Access Financial Services Inc.

Financial News Live · Sep 28, 2022 14:01

Access Financial Services Inc. cut its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 5.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,725 shares of the technology company's stock after selling 1,361 shares during the quarter. Cogent Communications accounts for 0.9% of Access Financial Services Inc.'s investment portfolio, making the stock its 27th largest position. Access Financial Services Inc.'s holdings in Cogent Communications were worth $1,502,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Prospera Financial Services Inc purchased a new stake in shares of Cogent Communications in the 1st quarter valued at approximately $45,000. Tyler Stone Wealth Management purchased a new stake in shares of Cogent Communications in the 4th quarter valued at approximately $51,000. Rosenberg Matthew Hamilton purchased a new stake in shares of Cogent Communications in the 1st quarter valued at approximately $53,000. Picton Mahoney Asset Management purchased a new position in shares of Cogent Communications in the 1st quarter valued at $214,000. Finally, Hightower 6M Holding LLC purchased a new position in shares of Cogent Communications in the 1st quarter valued at $220,000. 86.84% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

CCOI has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Cogent Communications from a "buy" rating to a "hold" rating in a research report on Saturday, August 13th. KeyCorp raised shares of Cogent Communications from a "sector weight" rating to an "overweight" rating and set a $64.00 target price on the stock in a research report on Tuesday. Credit Suisse Group dropped their target price on shares of Cogent Communications to $74.00 in a research report on Tuesday, August 9th. Finally, Cowen lowered their price objective on shares of Cogent Communications to $62.00 in a research report on Tuesday, August 9th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $67.71.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 940 shares of the firm's stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $55.13, for a total transaction of $51,822.20. Following the completion of the transaction, the director now directly owns 13,471 shares in the company, valued at approximately $742,656.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm's stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $52.35, for a total transaction of $253,897.50. Following the completion of the transaction, the chief financial officer now directly owns 53,550 shares in the company, valued at approximately $2,803,342.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 940 shares of the firm's stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $55.13, for a total transaction of $51,822.20. Following the transaction, the director now owns 13,471 shares of the company's stock, valued at $742,656.23. The disclosure for this sale can be found here. Company insiders own 11.00% of the company's stock.

Cogent Communications Price Performance

Shares of CCOI stock traded up $0.28 during mid-day trading on Wednesday, hitting $53.78. The stock had a trading volume of 11,241 shares, compared to its average volume of 385,579. Cogent Communications Holdings, Inc. has a fifty-two week low of $49.01 and a fifty-two week high of $80.50. The firm has a market cap of $2.58 billion, a PE ratio of 57.53, a PEG ratio of 4.03 and a beta of 0.36. The company's 50-day simple moving average is $57.09 and its 200-day simple moving average is $60.14.

Cogent Communications (NASDAQ:CCOI – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Cogent Communications had a net margin of 7.44% and a negative return on equity of 9.43%. The firm had revenue of $148.50 million during the quarter, compared to analysts' expectations of $150.68 million. During the same quarter last year, the business earned ($0.05) earnings per share. The business's revenue for the quarter was up .4% compared to the same quarter last year. On average, analysts expect that Cogent Communications Holdings, Inc. will post 0.8 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Thursday, August 18th were paid a $0.905 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, August 17th. This represents a $3.62 annualized dividend and a dividend yield of 6.73%. Cogent Communications's dividend payout ratio (DPR) is 389.25%.

Cogent Communications Profile

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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.