Vest Financial LLC Has $1.61 Million Stock Holdings in Cogent Communications Holdings, Inc. $CCOI

Vest Financial LLC lifted its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 206.4% during the 4th quarter, Holdings Channel reports. The firm owned 74,634 shares of the technology company’s stock after purchasing an additional 50,276 shares during the quarter. Vest Financial LLC’s holdings in Cogent Communications were worth $1,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Cogent Communications by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after purchasing an additional 217,450 shares during the last quarter. Turtle Creek Asset Management Inc. increased its stake in shares of Cogent Communications by 64.9% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after purchasing an additional 1,811,222 shares during the last quarter. State Street Corp increased its stake in shares of Cogent Communications by 0.8% during the 2nd quarter. State Street Corp now owns 1,788,235 shares of the technology company’s stock worth $86,211,000 after purchasing an additional 13,510 shares during the last quarter. Invesco Ltd. grew its stake in Cogent Communications by 39.8% in the 3rd quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock valued at $53,790,000 after buying an additional 399,339 shares during the last quarter. Finally, Magnolia Group LLC grew its stake in Cogent Communications by 16.4% in the 3rd quarter. Magnolia Group LLC now owns 1,272,337 shares of the technology company’s stock valued at $48,794,000 after buying an additional 179,126 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $22.63, for a total value of $109,755.50. Following the completion of the sale, the chief financial officer owned 202,750 shares of the company’s stock, valued at $4,588,232.50. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 2,206 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $23.03, for a total transaction of $50,804.18. Following the completion of the sale, the director directly owned 20,449 shares of the company’s stock, valued at $470,940.47. This represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,756 shares of company stock worth $292,467. 4.20% of the stock is currently owned by company insiders.

Cogent Communications Stock Down 3.5%

NASDAQ CCOI opened at $22.65 on Friday. The company has a market capitalization of $1.13 billion, a P/E ratio of -5.94 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 12-month low of $15.96 and a 12-month high of $56.88. The firm has a 50-day moving average price of $20.75 and a two-hundred day moving average price of $24.28.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.45. The firm had revenue of $240.52 million during the quarter, compared to the consensus estimate of $243.82 million. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.91) EPS. Equities analysts expect that Cogent Communications Holdings, Inc. will post -3.66 EPS for the current year.

Cogent Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a $0.02 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications’s payout ratio is currently -2.10%.

Analysts Set New Price Targets

CCOI has been the topic of a number of research reports. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a research note on Monday, February 23rd. Oppenheimer decreased their price target on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Monday, February 23rd. Weiss Ratings lowered shares of Cogent Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company decreased their price target on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 5th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.67.

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.