B. Riley Wealth Advisors Inc. Invests $405,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

B. Riley Wealth Advisors Inc. purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,321 shares of the technology company’s stock, valued at approximately $405,000.

Other institutional investors also recently added to or reduced their stakes in the company. Harspring Capital Management LLC increased its position in shares of Cogent Communications by 3.6% during the fourth quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock worth $77,543,000 after acquiring an additional 35,500 shares during the period. Jennison Associates LLC lifted its holdings in shares of Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after buying an additional 263,276 shares during the period. FMR LLC grew its position in shares of Cogent Communications by 58.9% during the 3rd quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after buying an additional 263,313 shares in the last quarter. Norges Bank purchased a new position in shares of Cogent Communications during the fourth quarter valued at $50,430,000. Finally, Westwood Holdings Group Inc. bought a new stake in shares of Cogent Communications in the fourth quarter valued at about $48,184,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 1.4 %

Cogent Communications stock opened at $52.41 on Tuesday. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $2.57 billion, a PE ratio of 2.08 and a beta of 0.41. The stock has a 50-day moving average of $59.09 and a two-hundred day moving average of $67.40. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.00.

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 the consensus estimate of ($1.10) by ($0.19). The company had revenue of $266.17 million during the quarter, compared to analysts’ expectations of $274.13 million. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. On average, research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.81 EPS for the current fiscal 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 paid a dividend of $0.975 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 annualized dividend and a dividend yield of 7.44%. The ex-dividend date of this dividend was Wednesday, May 22nd. Cogent Communications’s payout ratio is presently 15.45%.

Analysts Set New Price Targets

Several research firms have recently commented on CCOI. JPMorgan Chase & Co. reduced their price target on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. TD Cowen cut their price target on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, May 10th. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Finally, KeyCorp reduced their target price on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $75.14.

Insider Activity

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,640 shares of Cogent Communications stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $57.79, for a total transaction of $94,775.60. Following the completion of the sale, the director now owns 10,091 shares of the company’s stock, valued at approximately $583,158.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Sheryl Lynn Kennedy sold 1,640 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $57.79, for a total value of $94,775.60. Following the sale, the director now directly owns 10,091 shares of the company’s stock, valued at approximately $583,158.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the transaction, the chief executive officer now directly owns 4,493,038 shares of the company’s stock, valued at approximately $245,319,874.80. The disclosure for this sale can be found here. Insiders have sold 178,440 shares of company stock valued at $9,828,016 over the last ninety days. 11.40% of the stock is currently owned by insiders.

Cogent Communications Profile

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.