Pathstone Holdings LLC Lowers Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Pathstone Holdings LLC cut its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,131 shares of the technology company’s stock after selling 289 shares during the quarter. Pathstone Holdings LLC owned about 0.05% of Cogent Communications worth $1,908,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CCOI. EntryPoint Capital LLC purchased a new position in Cogent Communications in the first quarter valued at about $26,000. Blue Trust Inc. boosted its holdings in shares of Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after buying an additional 272 shares in the last quarter. Hexagon Capital Partners LLC grew its position in shares of Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after buying an additional 226 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Cogent Communications during the third quarter valued at approximately $46,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $82.50 on Wednesday. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market cap of $4.04 billion, a P/E ratio of 105.77 and a beta of 0.40. The business’s 50 day moving average price is $79.45 and its 200 day moving average price is $68.96.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data 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%. The company’s revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the business posted ($1.13) EPS. On average, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.82%. The ex-dividend date is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio (DPR) is currently 510.26%.

Wall Street Analyst Weigh In

CCOI has been the topic of a number of recent analyst reports. Citigroup upped their price target on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group upped their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Finally, KeyCorp lifted their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Insiders Place Their Bets

In related news, CRO James Bubeck sold 1,920 shares of Cogent Communications 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 completion of the transaction, the executive now owns 50,982 shares in the company, valued at $3,557,014.14. The trade was a 3.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Blake Bath sold 6,220 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the transaction, the director now owns 10,000 shares in the company, valued at $836,900. This represents a 38.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,016 shares of company stock worth $1,116,135. Company insiders own 11.40% of the company’s stock.

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.