ProShare Advisors LLC Lowers Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Posted by Defense World Staff on Sep 17th, 2023

ProShare Advisors LLC lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 7.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 152,460 shares of the technology company’s stock after selling 12,796 shares during the quarter. ProShare Advisors LLC owned about 0.32% of Cogent Communications worth $9,715,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. WealthPLAN Partners LLC acquired a new stake in shares of Cogent Communications during the first quarter worth about $71,000. Salvus Wealth Management LLC acquired a new stake in Cogent Communications in the first quarter valued at approximately $596,000. Rhumbline Advisers raised its holdings in Cogent Communications by 4.1% in the first quarter. Rhumbline Advisers now owns 143,922 shares of the technology company’s stock valued at $9,171,000 after acquiring an additional 5,690 shares in the last quarter. Belpointe Asset Management LLC acquired a new stake in Cogent Communications in the fourth quarter valued at approximately $44,000. Finally, Martingale Asset Management L P raised its holdings in Cogent Communications by 2.5% in the fourth quarter. Martingale Asset Management L P now owns 32,672 shares of the technology company’s stock valued at $1,865,000 after acquiring an additional 803 shares in the last quarter. Institutional investors and hedge funds own 85.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CCOI. StockNews.com began coverage on shares of Cogent Communications in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada raised their price objective on shares of Cogent Communications from $69.00 to $74.00 and gave the stock an “outperform” rating in a report on Tuesday, September 5th. TD Cowen raised shares of Cogent Communications from a “market perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a report on Friday, August 11th. TheStreet raised shares of Cogent Communications from a “c” rating to a “b-” rating in a report on Friday, August 11th. Finally, 888 reissued a “reiterates” rating on shares of Cogent Communications in a report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $74.60.

Read Our Latest Stock Report on CCOI

Cogent Communications Stock Down 2.3 %

Shares of NASDAQ:CCOI opened at $65.53 on Friday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.72 and a current ratio of 1.72. Cogent Communications Holdings, Inc. has a 1 year low of $46.75 and a 1 year high of $75.00. The stock has a market capitalization of $3.20 billion, a P/E ratio of 2.77 and a beta of 0.42. The stock has a 50-day simple moving average of $65.61 and a 200-day simple moving average of $64.92.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its quarterly earnings results on Thursday, August 10th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.19). The company had revenue of $239.81 million during the quarter, compared to analysts’ expectations of $259.80 million. Cogent Communications had a negative return on equity of 2.48% and a net margin of 161.48%. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -2.12 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Thursday, August 24th were given a $0.945 dividend. This represents a $3.78 dividend on an annualized basis and a dividend yield of 5.77%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Wednesday, August 23rd. Cogent Communications’s dividend payout ratio is presently 16.00%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, VP David Allen Kapp sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $65.32, for a total value of $326,600.00. Following the transaction, the vice president now directly owns 10,600 shares of the company’s stock, valued at approximately $692,392. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $69.43, for a total transaction of $336,735.50. Following the sale, the chief financial officer now directly owns 53,550 shares of the company’s stock, valued at approximately $3,717,976.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP David Allen Kapp sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $65.32, for a total value of $326,600.00. Following the sale, the vice president now directly owns 10,600 shares in the company, valued at $692,392. The disclosure for this sale can be found here. Insiders have sold a total of 77,123 shares of company stock valued at $5,211,668 in the last three months. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Profile

(Free Report)

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.