Boothbay Fund Management LLC Raises Stock Position in Cogent Communications Holdings, Inc. $CCOI

Boothbay Fund Management LLC raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 123.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,626 shares of the technology company’s stock after acquiring an additional 172,676 shares during the period. Boothbay Fund Management LLC owned 0.64% of Cogent Communications worth $11,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Cogent Communications by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock worth $205,664,000 after purchasing an additional 270,975 shares during the period. ProShare Advisors LLC lifted its position in Cogent Communications by 30.1% in the third quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock valued at $6,792,000 after purchasing an additional 40,970 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cogent Communications by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company’s stock valued at $51,127,000 after buying an additional 20,055 shares in the last quarter. Ceredex Value Advisors LLC boosted its position in shares of Cogent Communications by 44.6% during the 2nd quarter. Ceredex Value Advisors LLC now owns 206,800 shares of the technology company’s stock worth $9,970,000 after purchasing an additional 63,750 shares in the last quarter. Finally, Arvin Capital Management LP purchased a new stake in Cogent Communications during the third quarter worth about $2,301,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were 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 of the company’s stock, valued at $4,588,232.50. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 3,300 shares of Cogent Communications stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total transaction of $75,867.00. Following the completion of the transaction, the director owned 10,100 shares in the company, valued at approximately $232,199. This trade represents a 24.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 12,756 shares of company stock worth $292,467. 11.40% of the stock is currently owned by company insiders.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $18.80 on Friday. The business’s 50-day moving average price is $22.99 and its 200 day moving average price is $28.43. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $71.55. The company has a market capitalization of $941.13 million, a PE ratio of -4.93 and a beta of 0.84.

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

Cogent Communications Dividend Announcement

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

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of research analyst reports. Williams Trading set a $40.00 target price on Cogent Communications in a research report on Monday, February 23rd. KeyCorp reduced their price objective 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. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Oppenheimer decreased their price target on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Monday, February 23rd. Finally, Wells Fargo & Company cut their price objective on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $26.78.

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.