Cogent Communications Holdings, Inc. $CCOI Shares Acquired by Walleye Capital LLC

Walleye Capital LLC lifted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 145.4% during the first quarter, Holdings Channel reports. The fund owned 239,557 shares of the technology company’s stock after buying an additional 141,949 shares during the quarter. Walleye Capital LLC’s holdings in Cogent Communications were worth $4,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CCOI. Cetera Investment Advisers acquired a new stake in Cogent Communications during the 1st quarter worth about $294,000. First Citizens Bank & Trust Co. acquired a new stake in Cogent Communications during the first quarter worth about $230,000. PNC Financial Services Group Inc. raised its position in Cogent Communications by 44.1% during the first quarter. PNC Financial Services Group Inc. now owns 32,289 shares of the technology company’s stock valued at $608,000 after acquiring an additional 9,879 shares in the last quarter. Parallel Advisors LLC raised its position in Cogent Communications by 208.6% during the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Cogent Communications by 2.3% in the first quarter. Principal Financial Group Inc. now owns 232,206 shares of the technology company’s stock valued at $4,375,000 after acquiring an additional 5,162 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Price Performance

Shares of CCOI stock opened at $12.93 on Thursday. Cogent Communications Holdings, Inc. has a 1-year low of $10.93 and a 1-year 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. The stock has a 50 day simple moving average of $15.08 and a 200-day simple moving average of $19.36.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. The firm had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the company earned ($1.09) EPS. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.6%. Cogent Communications’s payout ratio is currently -2.25%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CCOI. Weiss Ratings cut shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 target price on shares of Cogent Communications in a research note on Friday, May 29th. TD Cowen restated a “buy” rating on shares of Cogent Communications in a research report on Monday, June 22nd. Royal Bank Of Canada cut their price objective on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 27th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and an average target price of $24.90.

Insider Activity

In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction dated 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 owned 197,900 shares in the company, valued at $3,322,741. This represents a 2.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is owned by corporate insiders.

About Cogent Communications

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.