Blair William & Co. IL Sells 5,053 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Blair William & Co. IL decreased its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 301,499 shares of the technology company’s stock after selling 5,053 shares during the quarter. Blair William & Co. IL owned about 0.62% of Cogent Communications worth $17,017,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CCOI. Taylor Frigon Capital Management LLC increased its position in shares of Cogent Communications by 1.1% during the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock worth $1,095,000 after acquiring an additional 202 shares in the last quarter. Covestor Ltd increased its holdings in Cogent Communications by 17.2% during the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Cogent Communications by 2.7% in the second quarter. Arizona State Retirement System now owns 12,354 shares of the technology company’s stock worth $697,000 after purchasing an additional 327 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Cogent Communications in the first quarter valued at approximately $26,000. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of Cogent Communications by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the technology company’s stock valued at $1,197,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CCOI shares. Citigroup raised their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. KeyCorp lifted their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group upped their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $75.86.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the sale, the chief executive officer now directly owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,870 shares of company stock worth $4,716,057. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Trading Up 2.5 %

NASDAQ:CCOI opened at $72.41 on Friday. The firm’s 50 day moving average is $69.78 and its 200 day moving average is $63.87. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.00. The stock has a market capitalization of $3.55 billion, a PE ratio of 2.83 and a beta of 0.40. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were given a $0.985 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $3.94 annualized dividend and a dividend yield of 5.44%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s payout ratio is 15.61%.

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, 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.