Walleye Capital LLC Raises Stock Position in Cogent Communications Holdings, Inc. $CCOI

Walleye Capital LLC grew its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 145.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,557 shares of the technology company’s stock after buying an additional 141,949 shares during the quarter. Walleye Capital LLC owned 0.48% of Cogent Communications worth $4,513,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CCOI. Vanguard Group Inc. raised its position in Cogent Communications by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock valued at $120,311,000 after purchasing an additional 217,450 shares during the period. Turtle Creek Asset Management Inc. lifted its position in Cogent Communications by 64.9% in the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after buying an additional 1,811,222 shares during the last quarter. State Street Corp boosted its stake in Cogent Communications by 6.8% during the fourth quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after buying an additional 132,454 shares during the period. Park West Asset Management LLC bought a new position in Cogent Communications during the fourth quarter valued at $30,380,000. Finally, Invesco Ltd. raised its stake in shares of Cogent Communications by 39.8% in the third quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock valued at $53,790,000 after acquiring an additional 399,339 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Transactions at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the sale, the vice president owned 38,600 shares in the company, valued at approximately $656,586. The trade was a 5.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CCOI shares. Citigroup dropped their price target on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, May 19th. JPMorgan Chase & Co. restated a “neutral” rating and set a $22.00 price objective on shares of Cogent Communications in a report on Friday, May 29th. Weiss Ratings lowered shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research report on Monday, June 22nd. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus target price of $24.90.

Cogent Communications Stock Up 1.8%

Shares of CCOI opened at $12.93 on Thursday. The company has a 50 day moving average of $15.08 and a two-hundred day moving average of $19.36. Cogent Communications Holdings, Inc. has a twelve month low of $10.93 and a twelve month high of $50.37. The company has a market cap of $647.53 million, a price-to-earnings ratio of -3.64 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.09) earnings per share. On average, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. Cogent Communications’s dividend payout ratio (DPR) is -2.25%.

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.