Reaves W H & Co. Inc. Reduces Stake in Cogent Communications Holdings, Inc. $CCOI

Reaves W H & Co. Inc. reduced its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 38.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 259,098 shares of the technology company’s stock after selling 164,000 shares during the period. Reaves W H & Co. Inc.’s holdings in Cogent Communications were worth $5,586,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Cogent Communications by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock valued at $205,664,000 after buying an additional 270,975 shares in the last quarter. ProShare Advisors LLC grew its holdings in Cogent Communications by 30.1% in the 3rd quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock valued at $6,792,000 after buying an additional 40,970 shares in the last quarter. Arvin Capital Management LP purchased a new stake in Cogent Communications in the 3rd quarter valued at $2,301,000. Tyro Capital Management LLC grew its holdings in Cogent Communications by 46.9% in the 3rd quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company’s stock valued at $35,868,000 after buying an additional 298,392 shares in the last quarter. Finally, Boothbay Fund Management LLC grew its holdings in Cogent Communications by 123.4% in the 3rd quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company’s stock valued at $11,989,000 after buying an additional 172,676 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Sheryl Lynn Kennedy sold 3,300 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $22.99, for a total transaction of $75,867.00. Following the completion of the transaction, the director directly owned 10,100 shares in the company, valued at approximately $232,199. This represents a 24.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $22.63, for a total value of $109,755.50. Following the transaction, the chief financial officer owned 202,750 shares of the company’s stock, valued at approximately $4,588,232.50. This represents a 2.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,756 shares of company stock valued at $292,467. 4.20% of the stock is owned by company insiders.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $17.76 on Monday. The stock has a market cap of $889.42 million, a PE ratio of -5.00 and a beta of 0.77. Cogent Communications Holdings, Inc. has a twelve month low of $14.82 and a twelve month high of $54.37. The stock has a fifty day simple moving average of $19.71 and a 200-day simple moving average of $21.07.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.09) EPS. Research analysts predict 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 will be paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th will be issued a dividend of $0.02 per share. The ex-dividend date is Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. Cogent Communications’s dividend payout ratio is currently -2.25%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CCOI shares. JPMorgan Chase & Co. restated a “neutral” rating and issued a $22.00 target price on shares of Cogent Communications in a report on Friday. Oppenheimer dropped their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Monday, February 23rd. KeyCorp dropped their target price on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. Wells Fargo & Company dropped their target price on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Finally, TD Cowen lowered their price target on Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.90.

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.