Boothbay Fund Management LLC Grows Position in Cogent Communications Holdings, Inc. $CCOI

Boothbay Fund Management LLC grew its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 123.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 312,626 shares of the technology company’s stock after acquiring an additional 172,676 shares during the quarter. Boothbay Fund Management LLC’s holdings in Cogent Communications were worth $11,989,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Aquatic Capital Management LLC purchased a new position in Cogent Communications in the third quarter valued at approximately $79,000. Algert Global LLC grew its stake in Cogent Communications by 50.1% during the third quarter. Algert Global LLC now owns 55,520 shares of the technology company’s stock worth $2,129,000 after buying an additional 18,530 shares during the period. Ameriprise Financial Inc. grew its stake in Cogent Communications by 3.1% during the third quarter. Ameriprise Financial Inc. now owns 91,042 shares of the technology company’s stock worth $3,491,000 after buying an additional 2,779 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Cogent Communications in the third quarter worth $1,416,000. Finally, Creative Planning raised its stake in shares of Cogent Communications by 14.2% in the 3rd quarter. Creative Planning now owns 22,770 shares of the technology company’s stock valued at $873,000 after acquiring an additional 2,831 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Price Performance

CCOI opened at $18.80 on Friday. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $71.55. The firm has a market cap of $941.13 million, a price-to-earnings ratio of -4.93 and a beta of 0.84. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 49.06. The company has a fifty day simple moving average of $22.99 and a 200 day simple moving average of $28.43.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. The firm had revenue of $240.52 million for the quarter, compared to analyst estimates of $243.82 million. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.91) EPS. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $0.02 dividend. The ex-dividend date is Friday, March 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. Cogent Communications’s payout ratio is -2.10%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. KeyCorp reduced their target price on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, February 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. TD Cowen restated a “buy” rating on shares of Cogent Communications in a research note on Monday, February 23rd. Williams Trading set a $40.00 target price on Cogent Communications in a research report on Monday, February 23rd. Finally, Oppenheimer lowered their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.78.

Insiders Place Their Bets

In related news, Director Lewis H. Ferguson sold 2,206 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $23.03, for a total value of $50,804.18. Following the completion of the transaction, the director owned 20,449 shares of the company’s stock, valued at approximately $470,940.47. This represents a 9.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sheryl Lynn Kennedy sold 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total value of $75,867.00. Following the sale, the director owned 10,100 shares of the company’s stock, valued at approximately $232,199. This trade represents a 24.63% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 12,756 shares of company stock worth $292,467. 11.40% of the stock is owned by insiders.

Cogent Communications Company 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.