Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 69,905 Shares of Cogent Communications Holdings, Inc. $CCOI

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 85.6% during the first quarter, HoldingsChannel reports. The firm owned 11,738 shares of the technology company’s stock after selling 69,905 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cogent Communications were worth $221,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CCOI. Vanguard Group Inc. raised its position in Cogent Communications by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after purchasing an additional 217,450 shares during the period. Turtle Creek Asset Management Inc. grew its holdings in Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after acquiring an additional 1,811,222 shares during the last quarter. State Street Corp boosted its holdings in shares of Cogent Communications by 6.8% during the fourth quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after purchasing an additional 132,454 shares during the period. Park West Asset Management LLC bought a new stake in shares of Cogent Communications in the fourth quarter worth about $30,380,000. Finally, Invesco Ltd. grew its stake in shares of Cogent Communications by 39.8% in the third quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock worth $53,790,000 after purchasing an additional 399,339 shares during the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on CCOI. Royal Bank Of Canada lowered their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 6th. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 27th. Citigroup reduced their target price on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. Wells Fargo & Company decreased their target price on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Finally, Weiss Ratings lowered Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.90.

Insider Activity at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at $3,322,741. The trade was a 2.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the sale, the vice president owned 38,600 shares in the company, valued at $656,586. The trade was a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is currently owned by company insiders.

Cogent Communications Price Performance

NASDAQ:CCOI opened at $10.97 on Friday. The firm’s 50-day moving average price is $15.29 and its 200-day moving average price is $19.57. The company has a market capitalization of $549.38 million, a PE ratio of -3.09 and a beta of 0.80. Cogent Communications Holdings, Inc. has a 1-year low of $10.93 and a 1-year high of $52.83.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. During the same period last year, the company posted ($1.09) EPS. Cogent Communications’s revenue was down 3.2% on a year-over-year basis. Equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.25%.

Cogent Communications Profile

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.