Bayesian Capital Management LP Invests $381,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bayesian Capital Management LP acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,830 shares of the technology company’s stock, valued at approximately $381,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new position in shares of Cogent Communications during the 1st quarter valued at approximately $26,000. SRS Capital Advisors Inc. lifted its position in shares of Cogent Communications by 313.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after buying an additional 383 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Cogent Communications by 109.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after buying an additional 333 shares in the last quarter. Covestor Ltd lifted its position in shares of Cogent Communications by 17.2% during the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after buying an additional 276 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Cogent Communications during the 1st quarter valued at approximately $136,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analysts Set New Price Targets

CCOI has been the topic of a number of research reports. The Goldman Sachs Group initiated coverage on Cogent Communications in a report on Monday, July 1st. They issued a “neutral” rating and a $56.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. TD Cowen decreased their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a report on Monday. Finally, StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average price target of $73.57.

Cogent Communications Trading Up 0.1 %

NASDAQ CCOI traded up $0.10 during trading on Wednesday, hitting $69.14. The stock had a trading volume of 9,781 shares, compared to its average volume of 461,592. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a market capitalization of $3.39 billion, a PE ratio of 2.74 and a beta of 0.41. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80. The firm has a 50 day moving average price of $58.58 and a 200 day moving average price of $65.16.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The company had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. As a group, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.81 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd were given a dividend of $0.975 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 dividend on an annualized basis and a dividend yield of 5.64%. Cogent Communications’s payout ratio is currently 15.45%.

Insider Transactions at Cogent Communications

In related news, CEO Dave Schaeffer sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the completion of the sale, the chief executive officer now owns 4,553,038 shares in the company, valued at $270,632,578.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Marc Montagner bought 10,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were acquired at an average price of $52.61 per share, with a total value of $526,100.00. Following the completion of the acquisition, the director now owns 79,468 shares in the company, valued at approximately $4,180,811.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Dave Schaeffer sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $59.44, for a total value of $2,972,000.00. Following the completion of the transaction, the chief executive officer now directly owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 178,440 shares of company stock valued at $9,828,016. 11.40% of the stock is currently owned by corporate insiders.

About Cogent Communications

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.