Assenagon Asset Management S.A. purchased a new position in Cogent Communications Holdings Inc (NASDAQ:CCOI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 62,713 shares of the technology company’s stock, valued at approximately $3,499,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Cogent Communications by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 831,540 shares of the technology company’s stock worth $44,404,000 after acquiring an additional 3,752 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in Cogent Communications in the second quarter worth about $332,000. BlackRock Inc. boosted its holdings in Cogent Communications by 4.7% in the second quarter. BlackRock Inc. now owns 6,421,881 shares of the technology company’s stock worth $342,928,000 after acquiring an additional 287,668 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in Cogent Communications in the second quarter worth about $1,466,000. Finally, Zebra Capital Management LLC acquired a new stake in Cogent Communications in the second quarter worth about $431,000. 89.65% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Thaddeus Gerard Weed sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $53.55, for a total value of $240,975.00. Following the completion of the transaction, the chief financial officer now directly owns 69,050 shares in the company, valued at $3,697,627.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Blake Bath sold 18,411 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $54.93, for a total value of $1,011,316.23. Following the completion of the transaction, the director now owns 34,175 shares of the company’s stock, valued at $1,877,232.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,911 shares of company stock valued at $1,744,801. Company insiders own 10.21% of the company’s stock.
Several equities research analysts have weighed in on CCOI shares. BidaskClub downgraded Cogent Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 12th. Guggenheim reissued a “hold” rating and issued a $47.00 price target on shares of Cogent Communications in a report on Friday, August 3rd. Zacks Investment Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 8th. BTIG Research downgraded Cogent Communications from a “buy” rating to a “neutral” rating in a report on Monday, October 8th. They noted that the move was a valuation call. Finally, William Blair reissued an “outperform” rating on shares of Cogent Communications in a report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Cogent Communications presently has a consensus rating of “Hold” and an average price target of $51.14.
Shares of NASDAQ:CCOI opened at $49.98 on Monday. Cogent Communications Holdings Inc has a 52-week low of $35.75 and a 52-week high of $57.65. The stock has a market capitalization of $2.32 billion, a PE ratio of 131.53, a PEG ratio of 7.76 and a beta of 0.61.
Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 1st. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.01. Cogent Communications had a negative return on equity of 24.22% and a net margin of 2.99%. The firm had revenue of $130.00 million during the quarter, compared to analysts’ expectations of $132.09 million. During the same period last year, the business posted $0.08 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, research analysts anticipate that Cogent Communications Holdings Inc will post 0.65 EPS for the current year.
Cogent Communications Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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