Atom Investors LP Purchases New Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Atom Investors LP acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 60,133 shares of the technology company’s stock, valued at approximately $4,565,000. Atom Investors LP owned 0.12% of Cogent Communications at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. increased its stake in Cogent Communications by 46.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock valued at $86,759,000 after acquiring an additional 485,628 shares during the last quarter. Harspring Capital Management LLC lifted its position in shares of Cogent Communications by 6.0% during the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after buying an additional 66,500 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Cogent Communications by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock valued at $78,916,000 after buying an additional 4,197 shares in the last quarter. Hood River Capital Management LLC grew its position in Cogent Communications by 18.9% in the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after acquiring an additional 138,680 shares during the last quarter. Finally, FMR LLC raised its stake in Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock worth $60,793,000 after acquiring an additional 79,474 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cogent Communications news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. The trade was a 1.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were 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 directly owns 50,982 shares in the company, valued at $3,557,014.14. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,016 shares of company stock worth $1,116,135 in the last three months. Company insiders own 11.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. TD Cowen lifted their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Citigroup increased their price target on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Royal Bank of Canada restated an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. Bank of America downgraded 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. Finally, KeyCorp upped their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $82.19 on Monday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76. The business’s 50 day simple moving average is $80.34 and its 200 day simple moving average is $69.55. The stock has a market capitalization of $4.03 billion, a PE ratio of 105.37 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. Cogent Communications’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.13) earnings per share. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.995 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $3.98 annualized dividend and a yield of 4.84%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio (DPR) is currently 510.26%.

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.