Access Financial Services Inc. Sells 1,394 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Access Financial Services Inc. trimmed its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,176 shares of the technology company’s stock after selling 1,394 shares during the period. Access Financial Services Inc.’s holdings in Cogent Communications were worth $1,230,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Cogent Communications in the fourth quarter valued at about $39,772,000. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 422.7% in the second quarter. Harspring Capital Management LLC now owns 575,000 shares of the technology company’s stock valued at $38,692,000 after buying an additional 465,000 shares in the last quarter. FMR LLC increased its holdings in Cogent Communications by 58.9% during the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after buying an additional 263,313 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Cogent Communications by 325.5% in the fourth quarter. Victory Capital Management Inc. now owns 341,657 shares of the technology company’s stock valued at $19,502,000 after acquiring an additional 261,355 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. bought a new position in Cogent Communications during the third quarter worth about $14,447,000. 92.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CCOI shares. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. cut their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. KeyCorp boosted their price target on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, TD Cowen boosted their price target on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average price target of $77.57.

Cogent Communications Stock Up 0.8 %

Shares of NASDAQ:CCOI opened at $65.33 on Friday. The company has a fifty day moving average of $72.77 and a 200-day moving average of $69.51. The company has a market capitalization of $3.10 billion, a PE ratio of 2.44 and a beta of 0.41. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.38 and a current ratio of 1.38. Cogent Communications Holdings, Inc. has a 52-week low of $57.35 and a 52-week high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. The business had revenue of $272.10 million during the quarter, compared to the consensus estimate of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -3.32 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 9th. Investors of record on Friday, March 15th will be issued a $0.965 dividend. This represents a $3.86 dividend on an annualized basis and a yield of 5.91%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Thursday, March 14th. Cogent Communications’s dividend payout ratio is presently 14.43%.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 30,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the sale, the chief executive officer now owns 4,679,377 shares of the company’s stock, valued at $315,951,535.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total transaction of $176,328.00. Following the sale, the vice president now owns 41,000 shares of the company’s stock, valued at $3,012,270. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dave Schaeffer sold 30,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the sale, the chief executive officer now directly owns 4,679,377 shares in the company, valued at approximately $315,951,535.04. The disclosure for this sale can be found here. Insiders sold 69,320 shares of company stock worth $4,669,997 over the last three months. Company insiders own 11.40% of the company’s stock.

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.