Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans boosted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2,739.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,035,261 shares of the technology company’s stock after buying an additional 998,796 shares during the quarter. Thrivent Financial for Lutherans owned 2.11% of Cogent Communications worth $58,430,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. purchased a new position in Cogent Communications in the 4th quarter valued at approximately $211,000. Prairieview Wealth Partners LLC acquired a new stake in Cogent Communications during the fourth quarter worth approximately $634,000. Norges Bank acquired a new stake in shares of Cogent Communications during the fourth quarter worth $50,430,000. Wells Fargo & Company MN grew its holdings in Cogent Communications by 18.0% in the 4th quarter. Wells Fargo & Company MN now owns 162,670 shares of the technology company’s stock valued at $12,373,000 after buying an additional 24,776 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in Cogent Communications by 1.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 88,263 shares of the technology company’s stock valued at $6,713,000 after purchasing an additional 1,582 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Price Performance

NASDAQ CCOI opened at $72.29 on Monday. 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 Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.00. The company has a market cap of $3.54 billion, a PE ratio of 2.86 and a beta of 0.40. The stock’s 50-day moving average price is $70.09 and its two-hundred day moving average price is $63.82.

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

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a dividend of $0.985 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. This represents a $3.94 dividend on an annualized basis and a yield of 5.45%. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

Insiders Place Their Bets

In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares in the company, valued at approximately $3,557,014.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the business’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 value of $4,369,200.00. Following the completion of the sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. The disclosure for this sale can be found here. Insiders have sold a total of 64,870 shares of company stock valued at $4,716,057 in the last three months. Insiders own 11.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CCOI. KeyCorp upped their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. The Goldman Sachs Group lifted their price objective on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. TD Cowen upped their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Communications 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.