State of Alaska Department of Revenue Reduces Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Posted by MarketBeat News on Jan 6th, 2023

State of Alaska Department of Revenue decreased its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 8.5% during the third quarter, HoldingsChannel.com reports. The firm owned 29,536 shares of the technology company’s stock after selling 2,731 shares during the period. State of Alaska Department of Revenue’s holdings in Cogent Communications were worth $1,540,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. McIlrath & Eck LLC raised its holdings in shares of Cogent Communications by 70.8% in the 2nd quarter. McIlrath & Eck LLC now owns 468 shares of the technology company’s stock valued at $28,000 after acquiring an additional 194 shares in the last quarter. Byrne Asset Management LLC purchased a new stake in shares of Cogent Communications in the 3rd quarter valued at about $35,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cogent Communications by 48.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 838 shares of the technology company’s stock valued at $51,000 after acquiring an additional 272 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of Cogent Communications in the 2nd quarter valued at about $53,000. Finally, Strs Ohio raised its holdings in shares of Cogent Communications by 200.0% in the 2nd quarter. Strs Ohio now owns 1,200 shares of the technology company’s stock valued at $72,000 after acquiring an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 85.15% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on CCOI shares. Moffett Nathanson raised their price target on Cogent Communications to $93.00 in a report on Thursday, November 17th. Credit Suisse Group raised their price objective on Cogent Communications from $56.00 to $57.00 and gave the company a “neutral” rating in a report on Tuesday, November 8th. The Goldman Sachs Group decreased their price objective on Cogent Communications from $49.00 to $43.00 and set a “sell” rating on the stock in a report on Monday, November 7th. KeyCorp raised Cogent Communications from a “sector weight” rating to an “overweight” rating and set a $64.00 price objective on the stock in a report on Tuesday, September 27th. Finally, StockNews.com assumed coverage on Cogent Communications in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $65.00.

Insider Transactions at Cogent Communications

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In other news, VP David Allen Kapp sold 600 shares of Cogent Communications stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $58.50, for a total value of $35,100.00. Following the sale, the vice president now directly owns 6,000 shares in the company, valued at approximately $351,000. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, VP David Allen Kapp sold 600 shares of Cogent Communications stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $58.50, for a total value of $35,100.00. Following the sale, the vice president now directly owns 6,000 shares in the company, valued at approximately $351,000. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Marc Montagner acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, November 9th. The stock was acquired at an average price of $54.88 per share, for a total transaction of $548,800.00. Following the completion of the transaction, the director now owns 71,212 shares in the company, valued at approximately $3,908,114.56. The disclosure for this purchase can be found here. In the last three months, insiders have sold 25,752 shares of company stock worth $1,474,982. 11.00% of the stock is currently owned by insiders.

Cogent Communications Price Performance

CCOI opened at $58.52 on Friday. The stock’s 50 day simple moving average is $56.45 and its 200 day simple moving average is $56.60. Cogent Communications Holdings, Inc. has a 1 year low of $46.75 and a 1 year high of $72.21. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 121.92, a PEG ratio of 1.07 and a beta of 0.38.

Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings results on Thursday, November 3rd. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.36). Cogent Communications had a negative return on equity of 4.17% and a net margin of 3.83%. The company had revenue of $150.00 million for the quarter, compared to the consensus estimate of $149.71 million. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post 0.27 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were given a dividend of $0.915 per share. This represents a $3.66 annualized dividend and a yield of 6.25%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.91. The ex-dividend date was Thursday, November 17th. Cogent Communications’s dividend payout ratio (DPR) is presently 762.52%.

About Cogent Communications

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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, Web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.