Asset Management One Co. Ltd. Has $847,000 Stake in Cogent Communications Holdings, Inc. $CCOI

Asset Management One Co. Ltd. cut its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 65.2% in the third quarter, Holdings Channel reports. The institutional investor owned 22,095 shares of the technology company’s stock after selling 41,460 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Cogent Communications were worth $847,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CCOI. Farther Finance Advisors LLC grew its position 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 acquiring an additional 554 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in Cogent Communications during the 2nd quarter worth about $40,000. Byrne Asset Management LLC acquired a new stake in Cogent Communications during the 2nd quarter valued at approximately $41,000. Headlands Technologies LLC bought a new position in Cogent Communications during the second quarter worth $98,000. Finally, Strs Ohio acquired a new position in shares of Cogent Communications in the 1st quarter valued at about $104,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $27.00 price target (down from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. UBS Group reiterated a “neutral” rating and set a $27.00 target price (down from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. Citigroup reduced their price target on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. KeyCorp restated an “overweight” rating on shares of Cogent Communications in a research report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. cut their target price on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $25.71.

Cogent Communications Price Performance

NASDAQ CCOI opened at $22.94 on Friday. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -5.62 and a beta of 0.81. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. The stock has a 50-day moving average of $21.91 and a 200 day moving average of $35.30. Cogent Communications Holdings, Inc. has a one year low of $15.96 and a one year high of $84.06.

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

Cogent Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 8th. Investors of record on Friday, November 21st were given a $0.02 dividend. The ex-dividend date was Friday, November 21st. This represents a $0.08 annualized dividend and a yield of 0.3%. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

Insider Activity at Cogent Communications

In other Cogent Communications news, 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 transaction of $81,360.00. Following the transaction, the director directly owned 19,267 shares in the company, valued at $391,890.78. This trade represents a 17.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total transaction of $51,216.00. Following the completion of the sale, the director directly owned 10,012 shares of the company’s stock, valued at $213,656.08. The trade was a 19.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 11.40% of the company’s stock.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.