Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Position Lifted by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. grew its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 46.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,537,196 shares of the technology company’s stock after buying an additional 485,628 shares during the quarter. Cogent Communications comprises about 0.7% of EdgePoint Investment Group Inc.’s investment portfolio, making the stock its 29th largest position. EdgePoint Investment Group Inc.’s holdings in Cogent Communications were worth $86,759,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CCOI. EntryPoint Capital LLC bought a new position in Cogent Communications during the 1st quarter worth approximately $26,000. Covestor Ltd lifted its holdings in shares of Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Cogent Communications in the 1st quarter worth approximately $136,000. Syon Capital LLC bought a new stake in shares of Cogent Communications in the 4th quarter worth approximately $211,000. Finally, waypoint wealth counsel bought a new stake in shares of Cogent Communications in the 2nd quarter worth approximately $238,000. Institutional investors own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

CCOI has been the topic of several analyst reports. The Goldman Sachs Group raised their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. TD Cowen raised their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. raised their target price on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. KeyCorp raised their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Finally, Citigroup raised their target price on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $75.86.

Insider Transactions at Cogent Communications

In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction 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 sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. The disclosure for this sale can be found here. Insiders sold a total of 64,870 shares of company stock valued at $4,716,057 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Stock Performance

CCOI opened at $72.99 on Thursday. The firm has a market cap of $3.58 billion, a PE ratio of 2.89 and a beta of 0.40. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. The business has a fifty day simple moving average of $70.47 and a 200-day simple moving average of $63.96. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.00.

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

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.985 per share. The ex-dividend date was Thursday, August 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a dividend yield of 5.40%. Cogent Communications’s dividend payout ratio (DPR) is currently 15.61%.

Cogent Communications Company 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.