Cogent Communications Holdings, Inc. $CCOI Stock Position Reduced by Harspring Capital Management LLC

Harspring Capital Management LLC cut its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 22.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,087,000 shares of the technology company’s stock after selling 315,500 shares during the period. Cogent Communications comprises about 10.8% of Harspring Capital Management LLC’s holdings, making the stock its 3rd largest position. Harspring Capital Management LLC owned 2.17% of Cogent Communications worth $20,479,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Walleye Capital LLC raised its position in shares of Cogent Communications by 145.4% during the 1st quarter. Walleye Capital LLC now owns 239,557 shares of the technology company’s stock worth $4,513,000 after acquiring an additional 141,949 shares in the last quarter. Cetera Investment Advisers acquired a new position in Cogent Communications in the first quarter valued at approximately $294,000. First Citizens Bank & Trust Co. acquired a new position in Cogent Communications in the first quarter valued at approximately $230,000. PNC Financial Services Group Inc. increased its stake in Cogent Communications by 44.1% in the first quarter. PNC Financial Services Group Inc. now owns 32,289 shares of the technology company’s stock valued at $608,000 after purchasing an additional 9,879 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in Cogent Communications by 208.6% during the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after purchasing an additional 968 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.01, for a total transaction of $40,824.00. Following the completion of the sale, the vice president owned 38,600 shares in the company, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the transaction, the chief financial officer directly owned 197,900 shares in the company, valued at approximately $3,322,741. This represents a 2.39% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 4.20% of the company’s stock.

Cogent Communications Trading Up 1.8%

Shares of NASDAQ CCOI opened at $12.93 on Thursday. Cogent Communications Holdings, Inc. has a twelve month low of $10.93 and a twelve month high of $50.37. The stock has a 50 day moving average of $15.08 and a two-hundred day moving average of $19.36. The stock has a market cap of $647.53 million, a P/E ratio of -3.64 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted ($1.09) earnings per share. As a group, research analysts predict that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.25%.

Analyst Ratings Changes

Several brokerages have recently weighed in on CCOI. JPMorgan Chase & Co. restated a “neutral” rating and set a $22.00 price objective on shares of Cogent Communications in a research report on Friday, May 29th. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. Royal Bank Of Canada reduced their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 6th. UBS Group decreased their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Finally, Wells Fargo & Company dropped their price objective on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.90.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.