Royal Bank of Canada Cuts Position in Cogent Communications Holdings, Inc. $CCOI

Royal Bank of Canada decreased its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 98.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,447 shares of the technology company’s stock after selling 493,519 shares during the quarter. Royal Bank of Canada’s holdings in Cogent Communications were worth $103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Parallel Advisors LLC boosted its position in shares of Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares during the last quarter. Quarry LP bought a new stake in Cogent Communications in the third quarter worth $27,000. Caitong International Asset Management Co. Ltd bought a new stake in Cogent Communications in the fourth quarter worth $28,000. Hantz Financial Services Inc. raised its stake in Cogent Communications by 313.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Cogent Communications during the fourth quarter valued at $43,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Stock Up 0.6%

CCOI stock opened at $9.54 on Tuesday. Cogent Communications Holdings, Inc. has a twelve month low of $9.00 and a twelve month high of $45.69. The firm has a market cap of $488.64 million, a price-to-earnings ratio of -9.94 and a beta of 0.80. The business’s fifty day simple moving average is $11.85 and its two-hundred day simple moving average is $16.94.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of ($1.00) by $2.38. The firm had revenue of $235.56 million for the quarter, compared to analysts’ expectations of $239.55 million. Cogent Communications had a negative net margin of 4.73% and a negative return on equity of 842.48%. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the business posted ($1.21) earnings per share. Research analysts expect that Cogent Communications Holdings, Inc. will post -3.01 EPS for the current year.

Cogent Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Friday, August 21st will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.8%. Cogent Communications’s dividend payout ratio (DPR) is -8.33%.

More Cogent Communications News

Here are the key news stories impacting Cogent Communications this week:

• Positive Sentiment: Zacks outlook provides a counterpoint: Zacks Research issued an optimistic outlook for Cogent’s earnings, potentially offering some support if the company can improve operating performance. Zacks Research Issues Optimistic Outlook for CCOI Earnings
• Neutral Sentiment: Multiple firms repeat the same class-action deadline: Rosen, Kaplan Fox, Robbins Geller, Faruqi & Faruqi, Bragar Eagel & Squire and other firms are encouraging investors who purchased CCOI shares between February 29, 2024, and May 1, 2026, to contact counsel before the September 21 lead-plaintiff deadline. These notices primarily seek investor participation and do not represent a new operating update from Cogent. Rosen Cogent class-action deadline notice
• Negative Sentiment: Litigation risk is the main downside catalyst: The lawsuit and related announcements allege that Cogent failed to disclose demand and backlog issues, potentially overstated growth prospects, and maintained an unsustainable dividend policy. One law firm said the alleged disclosures preceded an approximately 29% share-price decline. The complaints also raise alleged insider-pledging and forced-sale risks. The allegations have not been proven, but continued legal claims could increase costs, reputational risk and uncertainty for shareholders. Hagens Berman Cogent securities fraud class-action notice

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CCOI shares. JPMorgan Chase & Co. restated an “underweight” rating and issued a $9.00 target price (down from $22.00) on shares of Cogent Communications in a report on Wednesday, August 19th. UBS Group set a $9.00 price target on shares of Cogent Communications in a report on Wednesday, August 19th. KeyCorp dropped their price objective on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Royal Bank Of Canada reduced their target price on shares of Cogent Communications from $18.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 13th. Finally, Wells Fargo & Company lowered their target price on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.55.

Insider Activity at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at $3,322,741. The trade was a 2.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares in the company, valued at $656,586. The trade was a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.20% of the company’s stock.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.