Cogent Communications Holdings, Inc. $CCOI Holdings Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 369.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 539,770 shares of the technology company’s stock after purchasing an additional 424,746 shares during the quarter. JPMorgan Chase & Co. owned about 1.10% of Cogent Communications worth $20,700,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Cogent Communications during the 3rd quarter worth about $27,000. Farther Finance Advisors LLC boosted its holdings in shares of Cogent Communications by 80.5% in the third quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock valued at $51,000 after acquiring an additional 596 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of 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 acquiring an additional 1,198 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Cogent Communications during the third quarter valued at approximately $79,000. Finally, MAI Capital Management raised its holdings in Cogent Communications by 536.5% during the third quarter. MAI Capital Management now owns 2,215 shares of the technology company’s stock worth $85,000 after purchasing an additional 1,867 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

CCOI has been the subject of a number of research reports. Wells Fargo & Company decreased their price target on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. KeyCorp decreased their target price on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday, February 23rd. Oppenheimer lowered their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Monday, February 23rd. Finally, Royal Bank Of Canada dropped their price target on shares of Cogent Communications from $23.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 18th. 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 company’s stock. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $26.67.

Insider Activity

In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.63, for a total value of $109,755.50. Following the transaction, the chief financial officer directly 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 legal filing with the SEC, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $23.35, for a total transaction of $56,040.00. Following the transaction, the vice president owned 41,000 shares in the company, valued at approximately $957,350. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 12,756 shares of company stock valued at $292,467. Corporate insiders own 10.20% of the company’s stock.

Cogent Communications Trading Down 3.1%

Cogent Communications stock opened at $18.27 on Wednesday. The firm has a market cap of $914.60 million, a price-to-earnings ratio of -4.80 and a beta of 0.84. Cogent Communications Holdings, Inc. has a 1 year low of $15.96 and a 1 year high of $68.10. The firm’s 50 day moving average price is $22.60 and its two-hundred day moving average price is $27.47. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.04 and a current ratio of 2.04.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $243.82 million. During the same quarter in the prior year, the firm earned ($0.91) EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications’s dividend payout ratio is currently -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.