Capital World Investors Sells 426,906 Shares of Cogent Communications Holdings, Inc. $CCOI

Capital World Investors decreased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 44.7% in the third quarter, Holdings Channel.com reports. The firm owned 528,382 shares of the technology company’s stock after selling 426,906 shares during the period. Capital World Investors’ holdings in Cogent Communications were worth $20,263,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Farther Finance Advisors LLC raised its position in Cogent Communications by 80.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock worth $51,000 after purchasing an additional 596 shares during the period. Versant Capital Management Inc boosted its position in Cogent Communications by 333.7% during the third quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock valued at $60,000 after buying an additional 1,198 shares during the period. Strs Ohio purchased a new stake in Cogent Communications during the first quarter valued at about $104,000. Headlands Technologies LLC bought a new position in shares of Cogent Communications during the second quarter valued at about $98,000. Finally, MAI Capital Management grew its stake in shares of Cogent Communications by 536.5% during the third quarter. MAI Capital Management now owns 2,215 shares of the technology company’s stock valued at $85,000 after buying an additional 1,867 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. KeyCorp reduced their price target on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, February 23rd. Wells Fargo & Company decreased their price target on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 5th. Oppenheimer lowered their price objective on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Monday, February 23rd. Finally, TD Cowen reissued a “buy” rating on shares of Cogent Communications in a research note on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.78.

Insider Activity at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $22.63, for a total transaction of $109,755.50. Following the transaction, the chief financial officer owned 202,750 shares in the company, valued at approximately $4,588,232.50. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lewis H. Ferguson sold 2,206 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $23.03, for a total value of $50,804.18. Following the completion of the transaction, the director directly owned 20,449 shares of the company’s stock, valued at $470,940.47. This represents a 9.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 12,756 shares of company stock valued at $292,467. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $19.63 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. The firm’s fifty day simple moving average is $23.03 and its 200 day simple moving average is $28.63. The stock has a market cap of $982.68 million, a P/E ratio of -5.15 and a beta of 0.84. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $71.55.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($1.09) by $0.45. The firm had revenue of $240.52 million during the quarter, compared to analysts’ expectations of $243.82 million. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the company posted ($0.91) EPS. As a group, research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, March 6th. Cogent Communications’s dividend payout ratio is presently -2.10%.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.