abrdn plc Has $23.62 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

abrdn plc cut its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 20.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 310,547 shares of the technology company’s stock after selling 79,577 shares during the period. abrdn plc owned about 0.64% of Cogent Communications worth $23,620,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Harspring Capital Management LLC increased its holdings in Cogent Communications by 71.1% during the 3rd quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock valued at $60,910,000 after purchasing an additional 409,000 shares in the last quarter. FMR LLC boosted its position in Cogent Communications by 58.9% in the 3rd quarter. FMR LLC now owns 710,612 shares of the technology company’s stock valued at $43,987,000 after buying an additional 263,313 shares during the last quarter. Global Alpha Capital Management Ltd. bought a new position in Cogent Communications in the 3rd quarter valued at $14,447,000. Jennison Associates LLC boosted its position in Cogent Communications by 44.4% in the 3rd quarter. Jennison Associates LLC now owns 565,388 shares of the technology company’s stock valued at $34,998,000 after buying an additional 173,796 shares during the last quarter. Finally, Ceredex Value Advisors LLC bought a new position in Cogent Communications in the 4th quarter valued at $10,424,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the transaction, the executive now directly owns 54,822 shares in the company, valued at $4,200,461.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the sale, the executive now owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 8,826 shares of Cogent Communications stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $72.55, for a total value of $640,326.30. Following the completion of the sale, the chief executive officer now directly owns 4,815,764 shares in the company, valued at approximately $349,383,678.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,320 shares of company stock worth $4,669,997. Corporate insiders own 11.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CCOI. KeyCorp increased their price objective on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. TD Cowen increased their price objective on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. reduced their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th. Bank of America lowered Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. Finally, TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and a consensus target price of $77.57.

Cogent Communications Stock Performance

CCOI stock opened at $64.32 on Wednesday. The business’s 50-day moving average price is $68.37 and its two-hundred day moving average price is $69.52. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24. The firm has a market cap of $3.05 billion, a PE ratio of 2.40 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 1-year low of $57.35 and a 1-year high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.79. The firm had revenue of $272.10 million for the quarter, compared to analyst estimates of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were issued a dividend of $0.965 per share. The ex-dividend date was Thursday, March 14th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 annualized dividend and a yield of 6.00%. Cogent Communications’s payout ratio is currently 14.43%.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, 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.