Atom Investors LP Acquires Shares of 60,133 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Atom Investors LP acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 60,133 shares of the technology company’s stock, valued at approximately $4,565,000.

Several other institutional investors have also recently made changes to their positions in CCOI. Ipswich Investment Management Co. Inc. boosted its position in Cogent Communications by 0.5% in the third quarter. Ipswich Investment Management Co. Inc. now owns 41,079 shares of the technology company’s stock worth $3,119,000 after purchasing an additional 185 shares during the last quarter. Taylor Frigon Capital Management LLC increased its holdings in Cogent Communications by 1.1% during the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock worth $1,095,000 after buying an additional 202 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after buying an additional 226 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Cogent Communications by 5.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,984 shares of the technology company’s stock valued at $378,000 after acquiring an additional 262 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after purchasing an additional 272 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Down 0.5 %

Cogent Communications stock opened at $82.19 on Monday. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. The stock has a market cap of $4.03 billion, a P/E ratio of 105.37 and a beta of 0.40. The firm’s fifty day moving average price is $80.34 and its 200-day moving average price is $69.55.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.13) EPS. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.995 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.84%. Cogent Communications’s dividend payout ratio is presently 510.26%.

Insider Activity

In other Cogent Communications news, Director Lewis H. Ferguson sold 846 shares of Cogent Communications stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.76, for a total transaction of $69,168.96. Following the transaction, the director now directly owns 18,354 shares of the company’s stock, valued at approximately $1,500,623.04. This trade represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Blake Bath sold 6,220 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the sale, the director now directly owns 10,000 shares of the company’s stock, valued at $836,900. This trade represents a 38.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,016 shares of company stock worth $1,116,135. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. UBS Group initiated coverage on Cogent Communications in a research note on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective on the stock. Citigroup upped their price target on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. TD Cowen lifted their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. KeyCorp upped their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $80.25.

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.