Harbor Capital Advisors Inc. Raises Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Harbor Capital Advisors Inc. raised its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 70.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,119 shares of the technology company’s stock after purchasing an additional 7,099 shares during the period. Harbor Capital Advisors Inc.’s holdings in Cogent Communications were worth $1,300,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. M&G Plc acquired a new stake in Cogent Communications in the first quarter valued at $27,942,000. Capital World Investors lifted its stake in Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after buying an additional 752,133 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in Cogent Communications by 16.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after purchasing an additional 105,164 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Cogent Communications by 55.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company’s stock valued at $1,467,000 after purchasing an additional 8,223 shares during the period. Finally, Oppenheimer & Co. Inc. raised 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 valued at $2,548,000 after buying an additional 29,116 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now directly owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the sale, the chief executive officer now owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 64,870 shares of company stock worth $4,716,057 over the last 90 days. 11.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CCOI shares. 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 research report on Friday, October 4th. KeyCorp upped their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. Finally, TD Cowen increased their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and a consensus price target of $77.14.

Cogent Communications Trading Up 0.2 %

Shares of CCOI opened at $81.58 on Wednesday. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. The firm has a market capitalization of $4.00 billion, a P/E ratio of 89.65 and a beta of 0.40. The firm’s 50-day moving average is $76.36 and its two-hundred day moving average is $67.12.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results 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 business had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.13) EPS. On average, research analysts predict that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

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.