Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Holdings Lifted by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 26.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 49,324 shares of the technology company’s stock after buying an additional 10,315 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.10% of Cogent Communications worth $2,784,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Taylor Frigon Capital Management LLC increased its holdings in shares of Cogent Communications by 1.1% in the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock valued at $1,095,000 after buying an additional 202 shares in the last quarter. Truist Financial Corp grew its position in Cogent Communications by 5.9% during the 4th quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock worth $321,000 after purchasing an additional 237 shares in the last quarter. Covestor Ltd grew its position 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 grew its position in Cogent Communications by 2.7% during the 2nd 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 in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in Cogent Communications during the 1st quarter worth approximately $26,000. Institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several research analyst reports. KeyCorp lifted their price objective 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. TD Cowen raised their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Finally, The Goldman Sachs Group boosted their price target on shares of Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.86.

Cogent Communications Stock Performance

Shares of CCOI opened at $72.90 on Monday. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 2.89 and a beta of 0.40. The company’s fifty day moving average is $69.03 and its 200-day moving average is $63.95. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted 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. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The firm had revenue of $260.40 million for the quarter, compared to the consensus estimate of $264.32 million. During the same period in the prior year, the business posted ($0.13) earnings per share. The business’s quarterly revenue was up 8.6% on a year-over-year basis. Equities 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 announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.985 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 5.40%. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is 15.61%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the transaction, the executive now directly owns 50,982 shares in the company, valued at $3,557,014.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 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. Insiders have sold a total of 64,870 shares of company stock worth $4,716,057 over the last three months. Corporate insiders own 11.40% of the company’s stock.

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.