Consolidated Planning Corp Takes Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Consolidated Planning Corp bought a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the 3rd quarter, HoldingsChannel reports. The firm bought 8,300 shares of the technology company’s stock, valued at approximately $630,000.

Several other hedge funds also recently added to or reduced their stakes in the business. EntryPoint Capital LLC acquired a new position in Cogent Communications during the 1st quarter valued at approximately $26,000. Blue Trust Inc. increased its position in shares of Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after acquiring an additional 272 shares during the period. Hexagon Capital Partners LLC lifted its position in Cogent Communications by 72.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after acquiring an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cogent Communications by 127.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after purchasing an additional 441 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Cogent Communications by 207.0% during the third quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock worth $50,000 after purchasing an additional 445 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Trading Up 0.8 %

Shares of Cogent Communications stock opened at $85.35 on Friday. The firm has a 50-day simple moving average of $77.11 and a two-hundred day simple moving average of $67.50. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. The company has a market cap of $4.18 billion, a P/E ratio of 93.79 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last released its quarterly 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. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. During the same quarter in the prior year, the firm posted ($0.13) EPS. Cogent Communications’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CCOI shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group raised their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. KeyCorp increased their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $77.14.

Insider Activity

In related news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. 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 Cogent Communications news, VP John B. Chang sold 1,400 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the sale, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock worth $4,716,057 over the last three months. 11.00% of the stock is currently owned by corporate insiders.

About Cogent Communications

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.