Allspring Global Investments Holdings LLC Lowers Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Posted by MarketBeat News on Jan 24th, 2023

Allspring Global Investments Holdings LLC lessened its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 48.7% in the third quarter, Holdings Channel.com reports. The fund owned 10,085 shares of the technology company’s stock after selling 9,576 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cogent Communications were worth $526,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Cogent Communications by 2.2% during the first quarter. Vanguard Group Inc. now owns 4,939,989 shares of the technology company’s stock valued at $327,768,000 after acquiring an additional 104,827 shares during the period. Renaissance Technologies LLC grew its position in Cogent Communications by 6.8% during the second quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the technology company’s stock valued at $140,481,000 after acquiring an additional 147,700 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Cogent Communications by 10.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,966,077 shares of the technology company’s stock valued at $119,459,000 after acquiring an additional 179,771 shares during the period. State Street Corp grew its position in Cogent Communications by 2.8% during the second quarter. State Street Corp now owns 1,754,375 shares of the technology company’s stock valued at $106,596,000 after acquiring an additional 48,110 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Cogent Communications by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 934,323 shares of the technology company’s stock valued at $61,990,000 after acquiring an additional 16,205 shares during the period. Hedge funds and other institutional investors own 85.15% of the company’s stock.

Insider Activity at Cogent Communications

In other news, Director Marc Montagner acquired 10,000 shares of the business’s stock in a transaction on Wednesday, November 9th. The shares were purchased at an average price of $54.88 per share, for a total transaction of $548,800.00. Following the completion of the purchase, the director now directly owns 71,212 shares of the company’s stock, valued at approximately $3,908,114.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cogent Communications news, insider John B. Chang sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $66.00, for a total transaction of $66,000.00. Following the sale, the insider now owns 50,360 shares in the company, valued at $3,323,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marc Montagner acquired 10,000 shares of the business’s stock in a transaction on Wednesday, November 9th. The shares were purchased at an average price of $54.88 per share, for a total transaction of $548,800.00. Following the purchase, the director now directly owns 71,212 shares of the company’s stock, valued at $3,908,114.56. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 28,252 shares of company stock valued at $1,636,982. Insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

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CCOI has been the subject of a number of research reports. Moffett Nathanson boosted their price target on Cogent Communications to $93.00 in a research report on Thursday, November 17th. Wells Fargo & Company decreased their target price on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating for the company in a research report on Friday, November 4th. Credit Suisse Group upped their target price on Cogent Communications from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 8th. The Goldman Sachs Group decreased their target price on Cogent Communications from $49.00 to $43.00 and set a “sell” rating for the company in a research report on Monday, November 7th. Finally, KeyCorp upped their target price on Cogent Communications from $64.00 to $71.00 in a research report on Tuesday, January 17th. Two 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 company’s stock. According to MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and a consensus price target of $65.78.

Cogent Communications Stock Performance

Shares of CCOI opened at $66.64 on Tuesday. The company has a market capitalization of $3.20 billion, a P/E ratio of 138.84, a P/E/G ratio of 1.26 and a beta of 0.37. Cogent Communications Holdings, Inc. has a one year low of $46.75 and a one year high of $72.21. The stock has a 50-day moving average price of $58.86 and a 200 day moving average price of $56.89.

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

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were issued a $0.915 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $3.66 dividend on an annualized basis and a yield of 5.49%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.91. Cogent Communications’s dividend payout ratio is currently 762.52%.

Cogent Communications Profile

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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.