Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Position Reduced by Texas Permanent School Fund

Posted by on May 13th, 2023

Texas Permanent School Fund trimmed its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 6.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,684 shares of the technology company’s stock after selling 1,958 shares during the quarter. Texas Permanent School Fund owned approximately 0.06% of Cogent Communications worth $1,637,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. CWM LLC lifted its holdings in Cogent Communications by 862.5% during the 3rd quarter. CWM LLC now owns 616 shares of the technology company’s stock worth $32,000 after buying an additional 552 shares during the last quarter. Signaturefd LLC lifted its holdings in Cogent Communications by 50.8% during the 3rd quarter. Signaturefd LLC now owns 742 shares of the technology company’s stock worth $39,000 after buying an additional 250 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Cogent Communications by 36.7% during the 3rd quarter. Versant Capital Management Inc now owns 789 shares of the technology company’s stock worth $41,000 after buying an additional 212 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Cogent Communications by 66.4% in the 3rd quarter. Fifth Third Bancorp now owns 890 shares of the technology company’s stock worth $46,000 after buying an additional 355 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in shares of Cogent Communications by 71.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,960 shares of the technology company’s stock worth $112,000 after buying an additional 815 shares during the last quarter. Institutional investors own 85.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Bank of America upgraded shares of Cogent Communications from an “underperform” rating to a “buy” rating and raised their price target for the stock from $45.00 to $85.00 in a research report on Wednesday, May 3rd. KeyCorp raised their price target on Cogent Communications from $64.00 to $71.00 in a report on Tuesday, January 17th. Credit Suisse Group raised their price target on Cogent Communications from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, February 24th. Royal Bank of Canada raised their price target on Cogent Communications from $61.00 to $69.00 and gave the stock an “outperform” rating in a report on Tuesday, March 7th. Finally, JPMorgan Chase & Co. downgraded Cogent Communications from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $72.00 to $70.00 in a report on Monday, May 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.33.

Insider Buying and Selling

In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $64.49, for a total transaction of $123,820.80. Following the sale, the executive now owns 42,422 shares of the company’s stock, valued at $2,735,794.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $64.49, for a total value of $123,820.80. Following the sale, the executive now directly owns 42,422 shares in the company, valued at $2,735,794.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 600 shares of the business’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $61.66, for a total transaction of $36,996.00. Following the completion of the sale, the director now owns 7,209 shares in the company, valued at $444,506.94. The disclosure for this sale can be found here. Insiders have sold a total of 64,068 shares of company stock valued at $4,209,866 over the last quarter. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Stock Up 0.1 %

CCOI stock opened at $64.07 on Friday. The company has a 50-day simple moving average of $64.99 and a 200 day simple moving average of $62.05. The company has a market capitalization of $3.08 billion, a P/E ratio of 291.24 and a beta of 0.44. Cogent Communications Holdings, Inc. has a fifty-two week low of $46.75 and a fifty-two week high of $75.00.

Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. Cogent Communications had a net margin of 1.68% and a negative return on equity of 2.48%. The business had revenue of $116.10 million during the quarter, compared to analysts’ expectations of $153.79 million. During the same period last year, the firm posted $0.02 earnings per share. The business’s revenue was up 3.1% on a year-over-year basis. Equities analysts anticipate that Cogent Communications Holdings, Inc. will post 0.5 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Investors of record on Thursday, May 18th will be issued a dividend of $0.935 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.93. The ex-dividend date is Wednesday, May 17th. This represents a $3.74 annualized dividend and a yield of 5.84%. Cogent Communications’s payout ratio is presently 1,681.89%.

Cogent Communications Profile

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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