Edgestream Partners L.P. Sells 34,283 Shares of Cogent Communications Holdings, Inc. $CCOI

Edgestream Partners L.P. trimmed its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 29.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,940 shares of the technology company’s stock after selling 34,283 shares during the period. Edgestream Partners L.P.’s holdings in Cogent Communications were worth $3,902,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC bought a new position in shares of Cogent Communications in the 1st quarter valued at about $36,000. Farther Finance Advisors LLC grew its holdings in Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after purchasing an additional 554 shares during the period. Resources Management Corp CT ADV acquired a new position in Cogent Communications during the first quarter worth approximately $48,000. Atlantic Union Bankshares Corp acquired a new position in Cogent Communications during the second quarter worth approximately $40,000. Finally, Byrne Asset Management LLC bought a new stake in Cogent Communications in the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Down 2.0%

CCOI opened at $19.59 on Thursday. The stock has a fifty day moving average of $32.88 and a 200-day moving average of $40.05. The company has a market capitalization of $962.26 million, a P/E ratio of -4.80 and a beta of 0.83. Cogent Communications Holdings, Inc. has a fifty-two week low of $15.96 and a fifty-two week high of $84.06. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. The business had revenue of $241.95 million for the quarter, compared to analyst estimates of $246.13 million. During the same period last year, the firm earned ($1.33) earnings per share. Cogent Communications’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications declared that its Board of Directors has approved a share buyback program on Thursday, August 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Cogent Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Friday, November 21st will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

Insider Transactions at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred 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 sale, the vice president owned 36,200 shares of the company’s stock, valued at $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 is available through the SEC website. Also, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the transaction, the director owned 19,267 shares in the company, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 8,800 shares of company stock valued at $221,352. 10.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CCOI has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cogent Communications in a research note on Tuesday, November 25th. Citigroup reduced their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Zacks Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. UBS Group restated a “neutral” rating and set a $27.00 target price (down previously from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $27.00 price target (down previously from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.71.

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.