Crescent Park Management L.P. Has $3.01 Million Holdings in Cogent Communications Holdings, Inc. $CCOI

Crescent Park Management L.P. lessened its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 19.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 62,368 shares of the technology company’s stock after selling 14,772 shares during the period. Cogent Communications accounts for 1.2% of Crescent Park Management L.P.’s holdings, making the stock its 23rd largest position. Crescent Park Management L.P.’s holdings in Cogent Communications were worth $3,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. AlphaQuest LLC bought a new position in shares of Cogent Communications during the first quarter valued at $36,000. Farther Finance Advisors LLC grew its holdings in shares of Cogent Communications by 297.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after purchasing an additional 554 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Cogent Communications during the 2nd quarter worth about $40,000. Byrne Asset Management LLC bought a new position in Cogent Communications during the 2nd quarter valued at about $41,000. Finally, Resources Management Corp CT ADV bought a new position in Cogent Communications during the 1st quarter valued at about $48,000. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Stock Up 2.0%

NASDAQ:CCOI opened at $19.47 on Tuesday. The company has a market cap of $956.39 million, a price-to-earnings ratio of -4.29 and a beta of 0.77. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.31 and a current ratio of 2.31. The stock’s fifty day moving average price is $33.71 and its two-hundred day moving average price is $40.40. Cogent Communications Holdings, Inc. has a 52-week low of $15.96 and a 52-week high of $84.06.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The company had revenue of $241.95 million during the quarter, compared to the consensus estimate of $246.13 million. During the same quarter in the previous year, the company posted ($1.33) earnings per share. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Friday, November 21st will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, November 21st. Cogent Communications’s payout ratio is currently -1.96%.

Cogent Communications declared that its board has authorized a share buyback plan on Thursday, August 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have weighed in on CCOI shares. Zacks Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. JPMorgan Chase & Co. decreased their price target on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, November 13th. UBS Group reiterated a “neutral” rating and issued a $27.00 price objective (down previously from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Royal Bank Of Canada reduced their price objective on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 13th. Finally, Citigroup lowered their target price on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.71.

Insider Transactions at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 2,400 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the transaction, the director directly owned 10,012 shares in the company, valued at $213,656.08. This represents a 19.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the transaction, the vice president directly owned 36,200 shares in the company, valued at approximately $1,339,038. The trade was a 6.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 11.40% of the company’s stock.

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.