Granahan Investment Management LLC boosted its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 46.3% during the first quarter, Holdings Channel reports. The fund owned 317,447 shares of the technology company’s stock after acquiring an additional 100,422 shares during the period. Granahan Investment Management LLC’s holdings in Cogent Communications were worth $5,981,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Cogent Communications by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after purchasing an additional 217,450 shares in the last quarter. Turtle Creek Asset Management Inc. raised its holdings in shares of Cogent Communications by 64.9% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after buying an additional 1,811,222 shares in the last quarter. State Street Corp raised its holdings in shares of Cogent Communications by 6.8% during the 4th quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock valued at $44,632,000 after buying an additional 132,454 shares in the last quarter. Park West Asset Management LLC bought a new stake in Cogent Communications in the 4th quarter worth approximately $30,380,000. Finally, Invesco Ltd. boosted its stake in Cogent Communications by 39.8% in the third quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock worth $53,790,000 after buying an additional 399,339 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.
Cogent Communications Stock Performance
Shares of Cogent Communications stock opened at $11.87 on Friday. Cogent Communications Holdings, Inc. has a 52-week low of $10.93 and a 52-week high of $49.38. The company’s 50 day moving average price is $14.93 and its 200-day moving average price is $19.26. The stock has a market capitalization of $594.45 million, a price-to-earnings ratio of -3.34 and a beta of 0.80.
Cogent Communications Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio is -2.25%.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on CCOI shares. UBS Group reduced their price target on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. Weiss Ratings lowered shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Wells Fargo & Company decreased their target price on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $22.00 price target on shares of Cogent Communications in a research note on Friday, May 29th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.90.
More Cogent Communications News
Here are the key news stories impacting Cogent Communications this week:
- Positive Sentiment: Shares could eventually benefit if the lawsuits are dismissed or resolved without major financial impact, reducing legal overhang. CCOI Investors Have Opportunity to Lead Cogent Communications Holdings, Inc. Securities Fraud Lawsuit with the Schall Law Firm
- Neutral Sentiment: Analysts’ FY2028 earnings forecasts were also mentioned, but no specific estimate details were provided in the available snippet, so the stock impact is unclear. Equities Analysts Offer Predictions for CCOI FY2028 Earnings
- Negative Sentiment: Multiple law firms announced or reminded investors about class action lawsuits covering Cogent shares bought between Feb. 29, 2024 and May 1-2, 2026, increasing legal uncertainty and sentiment pressure on the stock. Rosen Law Firm Urges Cogent Communications Holdings, Inc. (NASDAQ: CCOI) Stockholders with Large Losses to Contact the Firm for Information About Their Rights
- Negative Sentiment: Additional alerts repeated allegations of securities fraud tied to alleged undisclosed demand and backlog problems, suggesting the prior stock drop may have been driven by weaker-than-expected business trends and disclosure concerns. Cogent Communications Holdings Securities Fraud Class Action Result of Undisclosed Demand and Backlog Issues and approximately 29% Stock Decline
- Negative Sentiment: Several other firms, including Robbins LLP, Kaplan Fox, BFA Law, and KSF, issued similar class-action notices and lead-plaintiff reminders, reinforcing the negative news flow around CCOI. Investor Notice: Robbins LLP Informs Investors of the Cogent Communications Holdings, Inc. Class Action Lawsuit
Insider Activity
In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the transaction, the chief financial officer owned 197,900 shares in the company, valued at $3,322,741. The trade was a 2.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at $656,586. The trade was a 5.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.20% of the company’s stock.
Cogent Communications Profile
Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.
In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.
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