State of Alaska Department of Revenue Sells 465 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

State of Alaska Department of Revenue reduced its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,623 shares of the technology company’s stock after selling 465 shares during the period. State of Alaska Department of Revenue owned about 0.05% of Cogent Communications worth $2,024,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Clear Harbor Asset Management LLC bought a new position in shares of Cogent Communications in the fourth quarter valued at approximately $245,000. Ellsworth Advisors LLC grew its position in shares of Cogent Communications by 2.5% during the 4th quarter. Ellsworth Advisors LLC now owns 5,932 shares of the technology company’s stock valued at $451,000 after acquiring an additional 147 shares during the period. Cornell Pochily Investment Advisors Inc. raised its holdings in shares of Cogent Communications by 21.3% in the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 6,495 shares of the technology company’s stock worth $494,000 after purchasing an additional 1,140 shares during the period. Raymond James & Associates increased its position in Cogent Communications by 7.0% in the fourth quarter. Raymond James & Associates now owns 630,300 shares of the technology company’s stock worth $47,941,000 after buying an additional 41,104 shares during the last quarter. Finally, Raymond James Trust N.A. lifted its position in shares of Cogent Communications by 18.0% during the 4th quarter. Raymond James Trust N.A. now owns 9,867 shares of the technology company’s stock valued at $750,000 after buying an additional 1,507 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CCOI. Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and cut their target price for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. KeyCorp lifted their target price on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, March 1st. TD Cowen increased their price target on shares of Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. TheStreet raised shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. lowered their price objective on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and an average price target of $77.57.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $63.33 on Friday. The company has a market capitalization of $3.00 billion, a P/E ratio of 2.37 and a beta of 0.39. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.38 and a current ratio of 1.38. Cogent Communications Holdings, Inc. has a 52-week low of $57.35 and a 52-week high of $86.00. The company has a fifty day moving average of $71.27 and a 200-day moving average of $69.39.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.79. The firm had revenue of $272.10 million during the quarter, compared to analysts’ expectations of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. As a group, equities research analysts predict that Cogent Communications Holdings, Inc. will post -3.32 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th will be given a dividend of $0.965 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 dividend on an annualized basis and a yield of 6.10%. The ex-dividend date of this dividend is Thursday, March 14th. Cogent Communications’s dividend payout ratio (DPR) is presently 14.43%.

Insiders Place Their Bets

In related news, CEO Dave Schaeffer sold 26,174 shares of Cogent Communications stock in a transaction on Friday, March 15th. The shares were sold at an average price of $64.21, for a total value of $1,680,632.54. Following the transaction, the chief executive officer now owns 4,653,203 shares in the company, valued at approximately $298,782,164.63. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the sale, the executive now owns 54,822 shares in the company, valued at $4,200,461.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 26,174 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $64.21, for a total transaction of $1,680,632.54. Following the completion of the transaction, the chief executive officer now owns 4,653,203 shares in the company, valued at approximately $298,782,164.63. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,320 shares of company stock valued at $4,669,997. 11.40% of the stock is currently owned by corporate insiders.

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.