Proficio Capital Partners LLC Takes $3 Million Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Proficio Capital Partners LLC bought a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 38,929 shares of the technology company’s stock, valued at approximately $3,000,000. Proficio Capital Partners LLC owned approximately 0.08% of Cogent Communications at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CCOI. Bryn Mawr Capital Management LLC boosted its stake in Cogent Communications by 8,542.8% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 237,678 shares of the technology company’s stock worth $18,318,000 after purchasing an additional 234,928 shares during the period. Verition Fund Management LLC boosted its position in shares of Cogent Communications by 136.5% during the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company’s stock worth $11,025,000 after acquiring an additional 83,816 shares during the last quarter. FMR LLC grew its stake in Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock valued at $60,793,000 after acquiring an additional 79,474 shares in the last quarter. Atom Investors LP bought a new stake in Cogent Communications in the 3rd quarter valued at $4,565,000. Finally, Edgestream Partners L.P. purchased a new stake in Cogent Communications in the 3rd quarter worth $4,325,000. Institutional investors own 92.45% of the company’s stock.

Insider Transactions at Cogent Communications

In other news, VP Henry W. Kilmer sold 4,800 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total value of $362,928.00. Following the sale, the vice president now directly owns 33,800 shares in the company, valued at approximately $2,555,618. This represents a 12.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO James Bubeck sold 2,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $71.67, for a total value of $143,340.00. Following the transaction, the executive now owns 57,142 shares of the company’s stock, valued at approximately $4,095,367.14. The trade was a 3.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,045 shares of company stock worth $1,110,402. 11.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CCOI shares. UBS Group initiated coverage on Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective for the company. StockNews.com upgraded Cogent Communications to a “sell” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Trading Down 1.5 %

CCOI opened at $70.19 on Thursday. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month 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 stock has a 50-day moving average of $76.47 and a 200 day moving average of $77.09. The firm has a market cap of $3.44 billion, a P/E ratio of 89.99 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $252.29 million during the quarter, compared to analysts’ expectations of $258.49 million. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $1.005 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 5.73%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s dividend payout ratio is currently -93.49%.

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.