Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Bought by Harspring Capital Management LLC

Harspring Capital Management LLC increased its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 6.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,176,500 shares of the technology company’s stock after acquiring an additional 66,500 shares during the period. Cogent Communications accounts for about 16.8% of Harspring Capital Management LLC’s holdings, making the stock its largest position. Harspring Capital Management LLC owned about 2.40% of Cogent Communications worth $66,402,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CCOI. EntryPoint Capital LLC acquired a new position in Cogent Communications during the 1st quarter worth $26,000. Covestor Ltd lifted its position in shares of 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 during the last quarter. Headlands Technologies LLC acquired a new position in shares of Cogent Communications during the 1st quarter worth about $136,000. Syon Capital LLC bought a new stake in Cogent Communications during the 4th quarter valued at approximately $211,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Cogent Communications in the 4th quarter valued at approximately $211,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Price Performance

Shares of Cogent Communications stock opened at $72.29 on Friday. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. The firm has a market cap of $3.54 billion, a P/E ratio of 2.86 and a beta of 0.40. The firm’s 50-day simple moving average is $70.09 and its 200-day simple moving average is $63.87.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. During the same period in the prior year, the company posted ($0.13) EPS. The company’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts expect that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were given a $0.985 dividend. This represents a $3.94 dividend on an annualized basis and a yield of 5.45%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s dividend payout ratio is 15.61%.

Insiders Place Their Bets

In other news, VP John B. Chang sold 1,400 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares in the company, valued at $1,288,859.76. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock worth $4,716,057 over the last three months. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. KeyCorp boosted their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Finally, The Goldman Sachs Group lifted their target price on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $75.86.

Cogent Communications 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.