Yousif Capital Management LLC trimmed its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,015 shares of the technology company’s stock after selling 3,135 shares during the period. Yousif Capital Management LLC’s holdings in Cogent Communications were worth $1,530,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Cogent Communications in the fourth quarter worth $39,772,000. Victory Capital Management Inc. boosted its position in shares of Cogent Communications by 325.5% during the fourth quarter. Victory Capital Management Inc. now owns 341,657 shares of the technology company’s stock valued at $19,502,000 after buying an additional 261,355 shares during the last quarter. State Street Corp boosted its position in shares of Cogent Communications by 14.0% during the first quarter. State Street Corp now owns 1,706,265 shares of the technology company’s stock valued at $113,211,000 after buying an additional 210,120 shares during the last quarter. Raymond James & Associates boosted its position in shares of Cogent Communications by 67.6% during the fourth quarter. Raymond James & Associates now owns 456,356 shares of the technology company’s stock valued at $26,049,000 after buying an additional 184,065 shares during the last quarter. Finally, Broad Run Investment Management LLC purchased a new stake in shares of Cogent Communications during the fourth quarter valued at $8,660,000. 84.41% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently commented on CCOI. StockNews.com began coverage on Cogent Communications in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Bank of America raised Cogent Communications from an “underperform” rating to a “buy” rating and increased their price objective for the company from $45.00 to $85.00 in a research report on Wednesday, May 3rd. 888 reissued a “reiterates” rating on shares of Cogent Communications in a report on Monday, May 22nd. Finally, JPMorgan Chase & Co. downgraded Cogent Communications from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $72.00 to $70.00 in a report on Monday, May 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $67.33.
Cogent Communications Stock Down 1.3 %
NASDAQ CCOI opened at $60.44 on Wednesday. The stock’s 50-day moving average price is $63.78 and its 200-day moving average price is $64.85. Cogent Communications Holdings, Inc. has a 52 week low of $46.75 and a 52 week high of $75.00. The company has a market capitalization of $2.92 billion, a P/E ratio of 274.74 and a beta of 0.46.
Cogent Communications (NASDAQ:CCOI – Get Free Report) last posted its quarterly earnings data on Thursday, May 4th. The technology company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.12 by $0.01. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The firm had revenue of $116.10 million for the quarter, compared to the consensus estimate of $153.79 million. During the same quarter last year, the company earned $0.02 earnings per share. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. Research analysts anticipate that Cogent Communications Holdings, Inc. will post 0.41 EPS for the current year.
Insider Transactions at Cogent Communications
In other news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $62.23, for a total transaction of $149,352.00. Following the transaction, the vice president now owns 33,600 shares of the company’s stock, valued at approximately $2,090,928. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $62.23, for a total transaction of $149,352.00. Following the transaction, the vice president now owns 33,600 shares of the company’s stock, valued at approximately $2,090,928. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thaddeus Gerard Weed sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $64.96, for a total value of $649,600.00. Following the transaction, the chief financial officer now directly owns 63,250 shares in the company, valued at approximately $4,108,720. The disclosure for this sale can be found here. Insiders have sold 70,331 shares of company stock valued at $4,536,907 over the last quarter. 11.40% of the stock is currently owned by company insiders.
Cogent Communications Company Profile
(Free Report)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.
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