Legal & General Group Plc raised its position in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 7.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 98,586 shares of the technology company’s stock after purchasing an additional 6,966 shares during the period. Legal & General Group Plc’s holdings in Cogent Communications were worth $5,512,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of CCOI. Pacer Advisors Inc. purchased a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $218,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $232,000. Neuberger Berman Group LLC purchased a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $241,000. Virtu Financial LLC purchased a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $264,000. Finally, Parametrica Management Ltd purchased a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $317,000. 91.55% of the stock is currently owned by institutional investors and hedge funds.
CCOI has been the topic of several recent research reports. BTIG Research cut Cogent Communications from a “buy” rating to a “neutral” rating in a report on Monday, October 8th. They noted that the move was a valuation call. William Blair restated an “outperform” rating on shares of Cogent Communications in a report on Monday, October 8th. BidaskClub lowered Cogent Communications from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Deutsche Bank upgraded Cogent Communications from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a report on Monday, December 17th. Finally, Royal Bank of Canada set a $48.00 price target on Cogent Communications and gave the company a “hold” rating in a report on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $49.86.
NASDAQ:CCOI opened at $48.18 on Friday. Cogent Communications Holdings Inc has a fifty-two week low of $35.75 and a fifty-two week high of $57.65. The firm has a market cap of $2.24 billion, a P/E ratio of 126.79, a P/E/G ratio of 6.35 and a beta of 0.58.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 1st. The technology company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. Cogent Communications had a negative return on equity of 24.22% and a net margin of 2.99%. The company had revenue of $130.00 million for the quarter, compared to analyst estimates of $132.09 million. During the same quarter in the prior year, the firm posted $0.08 EPS. Cogent Communications’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities analysts forecast that Cogent Communications Holdings Inc will post 0.66 earnings per share for the current fiscal year.
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 3,000 shares of the company’s stock in a transaction on Friday, December 14th. The stock was sold at an average price of $46.89, for a total value of $140,670.00. Following the transaction, the chief financial officer now owns 66,050 shares of the company’s stock, valued at approximately $3,097,084.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tim Weingarten sold 2,500 shares of the company’s stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $51.01, for a total value of $127,525.00. Following the completion of the transaction, the director now directly owns 21,111 shares in the company, valued at approximately $1,076,872.11. The disclosure for this sale can be found here. Insiders have sold a total of 12,550 shares of company stock worth $604,603 in the last 90 days. 10.21% of the stock is currently owned by insiders.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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