SteelPeak Wealth LLC Makes New $204,000 Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SteelPeak Wealth LLC bought a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,689 shares of the technology company’s stock, valued at approximately $204,000.

A number of other institutional investors and hedge funds have also modified their holdings of CCOI. BNP Paribas Financial Markets increased its holdings in shares of Cogent Communications by 1.1% in the 1st quarter. BNP Paribas Financial Markets now owns 38,040 shares of the technology company’s stock worth $2,485,000 after purchasing an additional 419 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Cogent Communications by 25.7% in the first quarter. Janney Montgomery Scott LLC now owns 12,021 shares of the technology company’s stock worth $785,000 after acquiring an additional 2,454 shares during the period. SG Americas Securities LLC grew its holdings in shares of Cogent Communications by 265.9% in the first quarter. SG Americas Securities LLC now owns 7,805 shares of the technology company’s stock worth $510,000 after acquiring an additional 5,672 shares during the period. Oppenheimer & Co. Inc. grew its holdings in shares of Cogent Communications by 294.3% in the first quarter. Oppenheimer & Co. Inc. now owns 39,009 shares of the technology company’s stock worth $2,548,000 after acquiring an additional 29,116 shares during the period. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Cogent Communications by 14.0% in the first quarter. Illinois Municipal Retirement Fund now owns 27,699 shares of the technology company’s stock worth $1,810,000 after acquiring an additional 3,399 shares during the period. Institutional investors own 92.45% of the company’s stock.

Insider Buying and Selling

In related news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the sale, the executive now directly owns 50,982 shares in the company, valued at approximately $3,557,014.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John B. Chang sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,870 shares of company stock worth $4,716,057. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $81.62 on Friday. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 89.69 and a beta of 0.41. 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 50-day moving average price of $76.19 and a 200-day moving average price of $66.93. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month 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 analysts’ consensus estimates of ($1.27) by $0.59. The firm 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 business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.13) earnings per share. As a group, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a $0.985 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s payout ratio is currently 432.97%.

Wall Street Analyst Weigh In

Several analysts recently commented on CCOI shares. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. KeyCorp lifted their price objective on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Citigroup boosted 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. The Goldman Sachs Group boosted their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. boosted their price target on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and an average price target of $77.14.

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.