Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Salvus Wealth Management LLC

Salvus Wealth Management LLC reduced its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,665 shares of the technology company’s stock after selling 290 shares during the period. Cogent Communications makes up approximately 1.4% of Salvus Wealth Management LLC’s holdings, making the stock its 23rd largest holding. Salvus Wealth Management LLC owned approximately 0.06% of Cogent Communications worth $2,209,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Cogent Communications by 1.3% during the 3rd quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock valued at $132,921,000 after buying an additional 22,738 shares during the period. EdgePoint Investment Group Inc. raised its position in shares of Cogent Communications by 0.3% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock valued at $117,107,000 after purchasing an additional 5,307 shares in the last quarter. Harspring Capital Management LLC boosted its stake in shares of Cogent Communications by 6.0% during the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after buying an additional 66,500 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Cogent Communications by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock valued at $78,916,000 after acquiring an additional 4,197 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Cogent Communications by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock valued at $77,021,000 after purchasing an additional 3,093 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Insider Transactions at Cogent Communications

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,350 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the sale, the director now owns 10,318 shares in the company, valued at $831,424.44. This represents a 11.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John B. Chang sold 2,280 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total transaction of $183,334.80. Following the completion of the transaction, the vice president now directly owns 69,300 shares in the company, valued at $5,572,413. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,136 shares of company stock valued at $1,939,749 over the last quarter. Company insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CCOI. UBS Group initiated coverage on Cogent Communications in a research note on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Stock Performance

Shares of CCOI opened at $72.20 on Friday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The stock has a market capitalization of $3.54 billion, a P/E ratio of 92.56 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The firm’s 50 day moving average is $77.54 and its 200-day moving average is $74.16.

Cogent Communications (NASDAQ:CCOI) last released its quarterly 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. The business had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Cogent Communications’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted ($1.13) EPS. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 5.51%. The ex-dividend date was Friday, November 22nd. Cogent Communications’s payout ratio is 510.26%.

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.