Bradley Foster & Sargent Inc. CT Sells 15,929 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bradley Foster & Sargent Inc. CT decreased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 78.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,502 shares of the technology company’s stock after selling 15,929 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Cogent Communications were worth $254,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. EdgePoint Investment Group Inc. lifted its stake in shares of Cogent Communications by 500.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after purchasing an additional 876,326 shares during the last quarter. Harspring Capital Management LLC lifted its position in Cogent Communications by 3.6% in the fourth quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock worth $77,543,000 after buying an additional 35,500 shares during the last quarter. Capital World Investors lifted its position in Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in Cogent Communications by 16.6% during the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after buying an additional 105,164 shares during the period. Finally, Hood River Capital Management LLC increased its position in Cogent Communications by 19.2% during the first quarter. Hood River Capital Management LLC now owns 735,494 shares of the technology company’s stock valued at $48,050,000 after acquiring an additional 118,588 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Insider Transactions at Cogent Communications

In related news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Cogent Communications news, VP John B. Chang sold 1,400 shares of the business’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 completion of the transaction, the vice president now directly owns 71,580 shares in the company, valued at $5,130,138.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 4,373,038 shares in the company, valued at $318,444,627.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,870 shares of company stock valued at $4,716,057. Company insiders own 11.40% of the company’s stock.

Cogent Communications Stock Down 0.2 %

Shares of NASDAQ:CCOI opened at $72.29 on Friday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. The business’s 50 day moving average is $69.94 and its 200 day moving average is $63.93. The stock has a market cap of $3.54 billion, a P/E ratio of 2.86 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. The business had revenue of $260.40 million for the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) EPS. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.46 EPS 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 issued a $0.985 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $3.94 annualized dividend and a dividend yield of 5.45%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s payout ratio is currently 15.61%.

Analyst Ratings Changes

Several research firms have recently issued reports on CCOI. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group boosted their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. KeyCorp upped their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Citigroup upped 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. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and an average target price of $75.86.

About Cogent Communications

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.