DigitalBridge Group Inc. Increases Stock Holdings in Cogent Communications Holdings, Inc. $CCOI

DigitalBridge Group Inc. raised its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 45.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 850,073 shares of the technology company’s stock after purchasing an additional 267,099 shares during the period. Cogent Communications accounts for 2.6% of DigitalBridge Group Inc.’s holdings, making the stock its 20th biggest position. DigitalBridge Group Inc.’s holdings in Cogent Communications were worth $32,600,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CCOI. AQR Capital Management LLC acquired a new stake in shares of Cogent Communications in the first quarter worth approximately $202,000. Goldman Sachs Group Inc. raised its stake in Cogent Communications by 26.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock valued at $29,215,000 after purchasing an additional 100,969 shares during the last quarter. Empowered Funds LLC lifted its holdings in Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after purchasing an additional 510 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cogent Communications by 23.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock worth $9,919,000 after purchasing an additional 30,630 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of Cogent Communications during the first quarter worth $104,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 3,300 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $22.99, for a total transaction of $75,867.00. Following the transaction, the director owned 10,100 shares of the company’s stock, valued at $232,199. This trade represents a 24.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lewis H. Ferguson sold 2,206 shares of Cogent Communications stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total value of $50,804.18. Following the completion of the transaction, the director owned 20,449 shares in the company, valued at $470,940.47. This trade represents a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,756 shares of company stock valued at $292,467 over the last ninety days. 10.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on CCOI. Oppenheimer dropped their price objective on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Williams Trading set a $40.00 target price on Cogent Communications in a report on Monday, February 23rd. TD Cowen restated a “buy” rating on shares of Cogent Communications in a research report on Monday, February 23rd. Wells Fargo & Company reduced their price objective on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 5th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Three 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 company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.78.

Cogent Communications Trading Up 5.2%

CCOI opened at $20.33 on Wednesday. Cogent Communications Holdings, Inc. has a 52 week low of $15.96 and a 52 week high of $71.55. 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 business has a fifty day simple moving average of $22.98 and a 200-day simple moving average of $28.11. The firm has a market cap of $1.02 billion, a P/E ratio of -5.34 and a beta of 0.84.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $243.82 million. During the same quarter in the prior year, the business earned ($0.91) EPS. Cogent Communications’s revenue was down 4.7% on a year-over-year basis. On average, equities analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, March 6th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.10%.

About Cogent Communications

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.