Versor Investments LP Has $534,000 Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

by · The Cerbat Gem

Versor Investments LP decreased its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 29.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,022 shares of the technology company’s stock after selling 2,870 shares during the period. Versor Investments LP’s holdings in Cogent Communications were worth $534,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Cogent Communications by 58.9% during the 3rd quarter. FMR LLC now owns 710,612 shares of the technology company’s stock valued at $43,987,000 after purchasing an additional 263,313 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock valued at $63,028,000 after acquiring an additional 263,276 shares in the last quarter. Alps Advisors Inc. lifted its holdings in Cogent Communications by 107.2% in the 3rd quarter. Alps Advisors Inc. now owns 46,822 shares of the technology company’s stock worth $2,898,000 after purchasing an additional 24,226 shares during the last quarter. Raymond James & Associates boosted its position in Cogent Communications by 7.0% during the fourth quarter. Raymond James & Associates now owns 630,300 shares of the technology company’s stock worth $47,941,000 after purchasing an additional 41,104 shares during the period. Finally, River Road Asset Management LLC boosted its position in Cogent Communications by 9.5% during the fourth quarter. River Road Asset Management LLC now owns 417,801 shares of the technology company’s stock worth $31,778,000 after purchasing an additional 36,288 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CCOI. Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $75.00 in a research report on Thursday, March 7th. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. TD Cowen lowered their target price on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.57.

Read Our Latest Stock Report on CCOI

Insiders Place Their Bets

In related news, CEO Dave Schaeffer sold 26,174 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $64.21, for a total transaction of $1,680,632.54. Following the completion of the sale, the chief executive officer now directly owns 4,653,203 shares in the company, valued at approximately $298,782,164.63. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the sale, the executive now directly owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Dave Schaeffer sold 26,174 shares of Cogent Communications stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $64.21, for a total value of $1,680,632.54. Following the completion of the transaction, the chief executive officer now directly owns 4,653,203 shares of the company’s stock, valued at $298,782,164.63. The disclosure for this sale can be found here. Insiders sold 69,320 shares of company stock worth $4,669,997 over the last three months. Insiders own 11.40% of the company’s stock.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $59.59 on Friday. The firm has a market capitalization of $2.83 billion, a PE ratio of 2.36 and a beta of 0.39. The company has a current ratio of 1.12, a quick ratio of 1.38 and a debt-to-equity ratio of 2.80. Cogent Communications Holdings, Inc. has a 1-year low of $57.35 and a 1-year high of $86.00. The business’s 50 day moving average is $64.64 and its 200-day moving average is $69.44.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last issued its earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The company had revenue of $272.10 million during the quarter, compared to analysts’ expectations of $275.82 million. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd will be given a dividend of $0.975 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 annualized dividend and a yield of 6.54%. The ex-dividend date of this dividend is Wednesday, May 22nd. Cogent Communications’s payout ratio is currently 15.29%.

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, 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.

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