Cogent Communications Holdings Inc (CCOI) Holdings Cut by Granahan Investment Management Inc. MA
Granahan Investment Management Inc. MA trimmed its position in Cogent Communications Holdings Inc (NASDAQ:CCOI) by 19.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 56,622 shares of the technology company’s stock after selling 13,417 shares during the period. Granahan Investment Management Inc. MA owned about 0.12% of Cogent Communications worth $2,769,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. grew its position in Cogent Communications by 3.5% in the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock worth $205,670,000 after purchasing an additional 172,987 shares in the last quarter. Jennison Associates LLC grew its position in Cogent Communications by 25.3% in the 3rd quarter. Jennison Associates LLC now owns 2,340,837 shares of the technology company’s stock worth $114,467,000 after purchasing an additional 473,088 shares in the last quarter. Renaissance Technologies LLC grew its position in Cogent Communications by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 2,058,600 shares of the technology company’s stock worth $82,550,000 after purchasing an additional 245,100 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Cogent Communications by 11.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,133 shares of the technology company’s stock worth $59,513,000 after purchasing an additional 150,328 shares in the last quarter. Finally, MIG Capital LLC grew its position in Cogent Communications by 7.3% in the 2nd quarter. MIG Capital LLC now owns 1,425,000 shares of the technology company’s stock worth $57,143,000 after purchasing an additional 97,160 shares in the last quarter. 95.63% of the stock is owned by institutional investors and hedge funds.
In other Cogent Communications news, VP Raymond B. Kummer sold 4,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $46.62, for a total value of $186,480.00. Following the sale, the vice president now directly owns 53,340 shares in the company, valued at approximately $2,486,710.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 3,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $44.54, for a total transaction of $133,620.00. Following the completion of the sale, the vice president now owns 33,600 shares in the company, valued at $1,496,544. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,866 shares of company stock valued at $734,703. 9.48% of the stock is owned by insiders.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). The business had revenue of $123.00 million during the quarter, compared to the consensus estimate of $123.60 million. Cogent Communications had a negative return on equity of 23.86% and a net margin of 3.37%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the business posted $0.08 earnings per share. analysts predict that Cogent Communications Holdings Inc will post 0.38 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Friday, November 17th were issued a $0.48 dividend. The ex-dividend date was Thursday, November 16th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a yield of 4.15%. Cogent Communications’s dividend payout ratio (DPR) is 533.33%.
A number of equities research analysts have issued reports on the stock. BidaskClub downgraded shares of Cogent Communications from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Citigroup downgraded shares of Cogent Communications from a “neutral” rating to a “sell” rating and reduced their target price for the company from $43.00 to $39.00 in a research report on Thursday, November 2nd. KeyCorp reissued a “hold” rating on shares of Cogent Communications in a research report on Wednesday, October 11th. Royal Bank of Canada reissued a “buy” rating and set a $48.00 target price on shares of Cogent Communications in a research report on Monday, September 18th. Finally, Wells Fargo & Company downgraded shares of Cogent Communications from an “outperform” rating to a “market perform” rating and increased their target price for the company from $46.00 to $48.00 in a research report on Monday, October 9th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $43.77.
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About Cogent Communications
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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