Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,386 shares of the technology company’s stock after selling 1,821 shares during the period. Corebridge Financial Inc.’s holdings in Cogent Communications were worth $1,802,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CCOI. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Cogent Communications by 4.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company’s stock valued at $400,000 after acquiring an additional 212 shares in the last quarter. Blue Trust Inc. grew its holdings in Cogent Communications by 53.8% during the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after acquiring an additional 218 shares in the last quarter. Royce & Associates LP increased its position in shares of Cogent Communications by 0.6% in the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company’s stock valued at $2,611,000 after purchasing an additional 218 shares during the last quarter. Xponance Inc. lifted its position in shares of Cogent Communications by 10.9% during the 4th quarter. Xponance Inc. now owns 3,189 shares of the technology company’s stock worth $246,000 after purchasing an additional 313 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Cogent Communications by 0.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 50,436 shares of the technology company’s stock worth $3,887,000 after purchasing an additional 326 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Transactions at Cogent Communications

In other news, Director Lewis H. Ferguson sold 956 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the sale, the director now owns 18,652 shares in the company, valued at approximately $1,293,702.72. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the transaction, the chief financial officer now owns 103,000 shares in the company, valued at $7,422,180. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,681 shares of company stock worth $840,878. Insiders own 11.40% of the company’s stock.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $61.65 on Thursday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.76. The firm has a market capitalization of $3.04 billion, a P/E ratio of 79.04 and a beta of 0.45. The company’s fifty day moving average price is $73.49 and its 200 day moving average price is $76.35.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.22) by $0.31. The business had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. The ex-dividend date was Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a yield of 6.52%. This is a boost from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s payout ratio is currently -93.49%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cogent Communications presently has an average rating of “Hold” and an average price target of $80.25.

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.