SYSTM Wealth Solutions LLC Lowers Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SYSTM Wealth Solutions LLC lessened its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,341 shares of the technology company’s stock after selling 175 shares during the period. SYSTM Wealth Solutions LLC’s holdings in Cogent Communications were worth $1,296,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CCOI. Spire Wealth Management increased its position in shares of Cogent Communications by 155.8% in the first quarter. Spire Wealth Management now owns 399 shares of the technology company’s stock worth $25,000 after acquiring an additional 243 shares in the last quarter. Fortis Capital Advisors LLC acquired a new position in Cogent Communications in the fourth quarter valued at about $28,000. Quadrant Capital Group LLC boosted its holdings in Cogent Communications by 123.3% in the fourth quarter. Quadrant Capital Group LLC now owns 690 shares of the technology company’s stock valued at $39,000 after acquiring an additional 381 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in Cogent Communications during the fourth quarter worth $44,000. Finally, Dark Forest Capital Management LP purchased a new stake in Cogent Communications during the 4th quarter worth about $58,000. Institutional investors and hedge funds own 85.79% of the company’s stock.

Cogent Communications Trading Up 0.6 %

Shares of Cogent Communications stock traded up $0.44 during trading on Thursday, reaching $70.90. 23,085 shares of the stock were exchanged, compared to its average volume of 316,816. Cogent Communications Holdings, Inc. has a 1 year low of $46.75 and a 1 year high of $75.00. The stock’s fifty day moving average is $65.09 and its 200 day moving average is $64.70. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 2.98 and a beta of 0.45. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 2.33.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 24th will be given a dividend of $0.945 per share. This represents a $3.78 annualized dividend and a dividend yield of 5.33%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Wednesday, August 23rd. Cogent Communications’s dividend payout ratio is currently 16.00%.

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 7,061 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $62.44, for a total transaction of $440,888.84. Following the completion of the transaction, the chief executive officer now owns 4,948,781 shares of the company’s stock, valued at $309,001,885.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cogent Communications news, CEO Dave Schaeffer sold 7,061 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $62.44, for a total transaction of $440,888.84. Following the sale, the chief executive officer now directly owns 4,948,781 shares of the company’s stock, valued at approximately $309,001,885.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $62.23, for a total transaction of $149,352.00. Following the completion of the sale, the vice president now owns 33,600 shares of the company’s stock, valued at approximately $2,090,928. The disclosure for this sale can be found here. Insiders have sold 24,713 shares of company stock valued at $1,575,162 in the last ninety days. 11.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on CCOI shares. KeyCorp increased their target price on Cogent Communications from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, August 11th. 888 reiterated a “reiterates” rating on shares of Cogent Communications in a research note on Monday, May 22nd. TD Cowen upgraded Cogent Communications from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research note on Friday, August 11th. The Goldman Sachs Group upgraded Cogent Communications from a “sell” rating to a “neutral” rating and raised their price target for the stock from $43.00 to $64.00 in a research report on Monday, August 21st. Finally, JPMorgan Chase & Co. downgraded shares of Cogent Communications from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $72.00 to $70.00 in a research report on Monday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $74.10.

Cogent Communications Company Profile

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.