SteelPeak Wealth LLC Invests $204,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SteelPeak Wealth LLC purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,689 shares of the technology company’s stock, valued at approximately $204,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CCOI. Thrivent Financial for Lutherans grew its stake in Cogent Communications by 2,739.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after purchasing an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in Cogent Communications by 500.1% in the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after purchasing an additional 876,326 shares in the last quarter. Capital World Investors grew its stake in Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after purchasing an additional 752,133 shares in the last quarter. M&G Plc bought a new position in Cogent Communications in the first quarter worth approximately $27,942,000. Finally, Senator Investment Group LP grew its stake in Cogent Communications by 83.0% in the first quarter. Senator Investment Group LP now owns 666,768 shares of the technology company’s stock worth $43,560,000 after purchasing an additional 302,365 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on CCOI shares. Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. KeyCorp increased their price objective on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. increased their target price on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $77.14.

Insider Buying and Selling

In related news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the transaction, the executive now owns 50,982 shares in the company, valued at $3,557,014.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the transaction, the executive now owns 50,982 shares in the company, valued at approximately $3,557,014.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock worth $4,716,057 in the last 90 days. Insiders own 11.40% of the company’s stock.

Cogent Communications Stock Up 1.7 %

Cogent Communications stock opened at $81.62 on Friday. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 89.69 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.00. The business has a fifty day moving average price of $76.19 and a 200-day moving average price of $66.93.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. The firm had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) EPS. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were paid a $0.985 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. This represents a $3.94 dividend on an annualized basis and a yield of 4.83%. Cogent Communications’s dividend payout ratio (DPR) is 432.97%.

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.