IFM Investors Pty Ltd Makes New Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

IFM Investors Pty Ltd purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the first quarter, HoldingsChannel.com reports. The firm purchased 4,978 shares of the technology company’s stock, valued at approximately $325,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital Insight Partners LLC grew its position in shares of Cogent Communications by 6.7% during the first quarter. Capital Insight Partners LLC now owns 62,138 shares of the technology company’s stock worth $4,059,000 after purchasing an additional 3,927 shares in the last quarter. BTC Capital Management Inc. purchased a new stake in shares of Cogent Communications during the first quarter worth about $336,000. Prairieview Wealth Partners LLC grew its position in shares of Cogent Communications by 5.8% during the first quarter. Prairieview Wealth Partners LLC now owns 8,822 shares of the technology company’s stock worth $576,000 after purchasing an additional 480 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Cogent Communications during the fourth quarter worth about $405,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Cogent Communications by 12.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 218,174 shares of the technology company’s stock worth $16,594,000 after purchasing an additional 24,185 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. KeyCorp increased their price target on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. TD Cowen increased their price target on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. dropped their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and a consensus target price of $77.57.

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 8,826 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total transaction of $640,326.30. Following the completion of the sale, the chief executive officer now directly owns 4,815,764 shares of the company’s stock, valued at approximately $349,383,678.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the sale, the executive now directly owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 8,826 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total value of $640,326.30. Following the transaction, the chief executive officer now owns 4,815,764 shares in the company, valued at $349,383,678.20. The disclosure for this sale can be found here. In the last three months, insiders sold 69,320 shares of company stock valued at $4,669,997. Insiders own 11.40% of the company’s stock.

Cogent Communications Trading Up 1.3 %

Shares of NASDAQ:CCOI traded up $0.86 during trading on Friday, hitting $65.79. The company had a trading volume of 283,862 shares, compared to its average volume of 405,683. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 2.46 and a beta of 0.39. Cogent Communications Holdings, Inc. has a one year low of $57.35 and a one year high of $86.00. The company has a fifty day simple moving average of $67.72 and a two-hundred day simple moving average of $69.52. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.79. The business had revenue of $272.10 million during the quarter, compared to analyst estimates of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th were paid a $0.965 dividend. This represents a $3.86 annualized dividend and a dividend yield of 5.87%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, March 14th. Cogent Communications’s dividend payout ratio (DPR) is presently 14.43%.

Cogent Communications Profile

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.