Oppenheimer & Co. Inc. Has $3.80 Million Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Oppenheimer & Co. Inc. raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,110 shares of the technology company’s stock after purchasing an additional 786 shares during the quarter. Oppenheimer & Co. Inc. owned approximately 0.10% of Cogent Communications worth $3,804,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CCOI. EntryPoint Capital LLC acquired a new stake in Cogent Communications in the 1st quarter valued at about $26,000. Blue Trust Inc. lifted its position in shares of Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after buying an additional 272 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of Cogent Communications by 72.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after acquiring an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Cogent Communications by 207.0% during the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock worth $50,000 after acquiring an additional 445 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Citigroup raised their price target on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. TD Cowen lifted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. The Goldman Sachs Group increased their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. UBS Group initiated coverage on Cogent Communications in a report on Thursday. They set a “buy” rating and a $102.00 price objective for the company. Finally, KeyCorp increased their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Stock Up 2.0 %

NASDAQ CCOI opened at $79.40 on Friday. The company has a 50 day moving average of $78.20 and a 200-day moving average of $68.12. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 101.79 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same period in the prior year, the company posted ($1.13) EPS. The company’s revenue was down 6.6% compared to the same quarter last year. On average, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.995 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 5.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio (DPR) is currently 505.13%.

Insider Activity

In other news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the transaction, the executive now owns 50,982 shares in the company, valued at approximately $3,557,014.14. This trade represents a 3.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. This represents a 8.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,500 shares of company stock worth $5,008,175. 11.40% of the stock is currently owned by corporate insiders.

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.