Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Acquired by Caitong International Asset Management Co. Ltd

Caitong International Asset Management Co. Ltd grew its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 43,175.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,731 shares of the technology company’s stock after acquiring an additional 1,727 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Cogent Communications were worth $106,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CCOI. Franklin Resources Inc. grew its stake in shares of Cogent Communications by 5.8% in the fourth quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company’s stock worth $373,000 after acquiring an additional 263 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Cogent Communications by 6.2% in the fourth quarter. Bank of Montreal Can now owns 14,432 shares of the technology company’s stock worth $1,112,000 after acquiring an additional 848 shares in the last quarter. Guggenheim Capital LLC grew its stake in shares of Cogent Communications by 14.4% in the fourth quarter. Guggenheim Capital LLC now owns 24,158 shares of the technology company’s stock worth $1,862,000 after acquiring an additional 3,032 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Cogent Communications by 39.7% in the fourth quarter. NewEdge Advisors LLC now owns 17,874 shares of the technology company’s stock worth $1,378,000 after acquiring an additional 5,075 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Cogent Communications by 0.3% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company’s stock worth $4,055,000 after acquiring an additional 156 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Insider Buying and Selling at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the completion of the sale, the vice president directly owned 38,600 shares of the company’s stock, valued at approximately $1,850,870. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO James Bubeck sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $47.50, for a total transaction of $95,000.00. Following the completion of the sale, the executive directly owned 55,142 shares of the company’s stock, valued at $2,619,245. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,105,078 shares of company stock valued at $103,810,876 over the last ninety days. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Price Performance

Shares of CCOI opened at $34.14 on Friday. Cogent Communications Holdings, Inc. has a 1-year low of $29.61 and a 1-year high of $86.76. The stock has a market cap of $1.68 billion, a PE ratio of -7.52 and a beta of 0.68. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.31 and a quick ratio of 2.31. The firm has a fifty day moving average price of $46.68 and a 200 day moving average price of $56.86.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company had revenue of $246.25 million during the quarter, compared to analysts’ expectations of $247.79 million. During the same period last year, the firm earned ($0.68) earnings per share. Cogent Communications’s revenue was down 5.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications declared that its Board of Directors has initiated a share repurchase program on Thursday, August 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Thursday, August 21st will be issued a $1.015 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. This represents a $4.06 dividend on an annualized basis and a dividend yield of 11.9%. Cogent Communications’s dividend payout ratio is currently -88.99%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Citigroup downgraded shares of Cogent Communications from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $67.00 to $33.00 in a research note on Tuesday. The Goldman Sachs Group lowered their target price on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $40.00 target price (down previously from $74.00) on shares of Cogent Communications in a research note on Friday, August 8th. Finally, UBS Group lowered their target price on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $60.83.

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.