Y Intercept Hong Kong Ltd Has $2.52 Million Holdings in Cogent Communications Holdings, Inc. $CCOI

Y Intercept Hong Kong Ltd raised its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 363.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,355 shares of the technology company’s stock after buying an additional 41,054 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Cogent Communications were worth $2,524,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CCOI. AlphaQuest LLC acquired a new position in Cogent Communications in the first quarter valued at approximately $36,000. Farther Finance Advisors LLC lifted its stake in Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after buying an additional 554 shares during the period. Byrne Asset Management LLC acquired a new position in Cogent Communications in the second quarter valued at approximately $41,000. Resources Management Corp CT ADV acquired a new position in Cogent Communications in the first quarter valued at approximately $48,000. Finally, SVB Wealth LLC acquired a new position in Cogent Communications in the first quarter valued at approximately $58,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several recent analyst reports. Zacks Research lowered Cogent Communications from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $40.00 target price (down from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. The Goldman Sachs Group started coverage on Cogent Communications in a research report on Tuesday, September 2nd. They set a “neutral” rating and a $40.00 target price on the stock. Citigroup lowered Cogent Communications from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $67.00 to $33.00 in a research report on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cogent Communications in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and an average price target of $46.60.

Cogent Communications Trading Down 6.5%

Shares of Cogent Communications stock opened at $40.21 on Friday. The stock has a fifty day simple moving average of $40.02 and a 200 day simple moving average of $45.13. Cogent Communications Holdings, Inc. has a 12-month low of $29.61 and a 12-month high of $86.76. The company has a market capitalization of $1.98 billion, a P/E ratio of -8.86 and a beta of 0.77. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.28). Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The company had revenue of $246.25 million for the quarter, compared to the consensus estimate of $247.79 million. During the same quarter last year, the company posted ($0.68) EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Thursday, August 21st were issued a dividend of $1.015 per share. This represents a $4.06 annualized dividend and a yield of 10.1%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date was Thursday, August 21st. Cogent Communications’s dividend payout ratio is currently -89.43%.

Cogent Communications declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to buy up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the sale, the vice president owned 36,200 shares in the company, valued at approximately $1,339,038. This represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Dave Schaeffer sold 818,909 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $27.50, for a total value of $22,519,997.50. Following the sale, the chief executive officer owned 697,143 shares of the company’s stock, valued at $19,171,432.50. This trade represents a 54.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 2,663,978 shares of company stock worth $82,687,283. 11.40% of the stock is owned by corporate insiders.

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.