Cogent Communications Holdings, Inc. $CCOI Shares Sold by Harspring Capital Management LLC

Harspring Capital Management LLC trimmed its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 22.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,087,000 shares of the technology company’s stock after selling 315,500 shares during the period. Cogent Communications makes up approximately 10.8% of Harspring Capital Management LLC’s portfolio, making the stock its 3rd largest holding. Harspring Capital Management LLC’s holdings in Cogent Communications were worth $20,479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC boosted its holdings in shares of Cogent Communications by 795.4% in the fourth quarter. SG Americas Securities LLC now owns 68,025 shares of the technology company’s stock valued at $1,467,000 after acquiring an additional 60,428 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Cogent Communications by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after acquiring an additional 217,450 shares during the period. Vest Financial LLC raised its holdings in Cogent Communications by 206.4% during the fourth quarter. Vest Financial LLC now owns 74,634 shares of the technology company’s stock worth $1,609,000 after purchasing an additional 50,276 shares in the last quarter. Redmond Asset Management LLC raised its holdings in Cogent Communications by 45.8% during the fourth quarter. Redmond Asset Management LLC now owns 200,082 shares of the technology company’s stock worth $4,314,000 after purchasing an additional 62,828 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Cogent Communications by 369.3% in the third quarter. JPMorgan Chase & Co. now owns 539,770 shares of the technology company’s stock valued at $20,700,000 after purchasing an additional 424,746 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the sale, the vice president directly owned 38,600 shares in the company, valued at approximately $656,586. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total value of $81,431.50. Following the completion of the sale, the chief financial officer directly owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 4.20% of the company’s stock.

Cogent Communications Stock Up 1.8%

Shares of NASDAQ CCOI opened at $12.93 on Thursday. The stock has a market capitalization of $647.53 million, a price-to-earnings ratio of -3.64 and a beta of 0.80. Cogent Communications Holdings, Inc. has a 52 week low of $10.93 and a 52 week high of $50.37. The firm has a 50-day moving average price of $15.08 and a 200 day moving average price of $19.36.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. During the same period in the prior year, the business posted ($1.09) earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were issued a $0.02 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.6%. Cogent Communications’s dividend payout ratio is currently -2.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CCOI shares. Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. TD Cowen reissued a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. Royal Bank Of Canada reduced their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, May 6th. Wells Fargo & Company decreased their price target on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Finally, Citigroup dropped their price objective on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $24.90.

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.