Thoroughbred Financial Services LLC Purchases New Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Thoroughbred Financial Services LLC purchased a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,847 shares of the technology company’s stock, valued at approximately $330,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. EdgePoint Investment Group Inc. lifted its position in Cogent Communications by 500.1% in the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after acquiring an additional 876,326 shares during the last quarter. Harspring Capital Management LLC raised its holdings in shares of Cogent Communications by 3.6% in the fourth quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock valued at $77,543,000 after buying an additional 35,500 shares during the last quarter. Capital World Investors raised its holdings in shares of Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after buying an additional 752,133 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Cogent Communications by 16.6% in the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after buying an additional 105,164 shares during the last quarter. Finally, Hood River Capital Management LLC raised its holdings in shares of Cogent Communications by 19.2% in the first quarter. Hood River Capital Management LLC now owns 735,494 shares of the technology company’s stock valued at $48,050,000 after buying an additional 118,588 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Stock Down 0.6 %

CCOI opened at $70.32 on Wednesday. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The business has a 50 day simple moving average of $69.30 and a 200-day simple moving average of $63.88. The stock has a market capitalization of $3.45 billion, a P/E ratio of 2.79 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($1.27) by $0.59. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The business had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. During the same period last year, the firm earned ($0.13) EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were paid a $0.985 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCOI. JPMorgan Chase & Co. upped their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Citigroup upped their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. The Goldman Sachs Group raised their price objective on shares of Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $75.86.

Insider Activity at Cogent Communications

In related news, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the transaction, the vice president now directly owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the transaction, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock valued at $4,716,057 in the last ninety days. 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.