683 Capital Management LLC Sells 50,000 Shares of Cogent Communications Holdings, Inc. $CCOI

683 Capital Management LLC lowered its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 7.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 600,000 shares of the technology company’s stock after selling 50,000 shares during the quarter. Cogent Communications accounts for about 0.6% of 683 Capital Management LLC’s holdings, making the stock its 29th biggest position. 683 Capital Management LLC’s holdings in Cogent Communications were worth $12,936,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of CCOI. AQR Capital Management LLC acquired a new stake in Cogent Communications in the 1st quarter valued at $202,000. Goldman Sachs Group Inc. grew its position in Cogent Communications by 26.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock valued at $29,215,000 after purchasing an additional 100,969 shares during the period. Empowered Funds LLC grew its position in Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after purchasing an additional 510 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cogent Communications by 23.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock valued at $9,919,000 after purchasing an additional 30,630 shares during the period. Finally, Strs Ohio acquired a new stake in Cogent Communications in the 1st quarter valued at $104,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CCOI. Wall Street Zen raised shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research report on Sunday, April 26th. Royal Bank Of Canada reduced their price target on shares of 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. Weiss Ratings downgraded shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Wells Fargo & Company reduced their target price on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Finally, TD Cowen reduced their target price on shares of Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $24.90.

Insider Transactions at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at approximately $656,586. The trade was a 5.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the transaction, the chief financial officer directly owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.20% of the stock is currently owned by insiders.

Cogent Communications Price Performance

NASDAQ CCOI opened at $14.61 on Thursday. Cogent Communications Holdings, Inc. has a 1 year low of $14.41 and a 1 year high of $54.37. The firm has a market cap of $731.67 million, a price-to-earnings ratio of -4.12 and a beta of 0.77. The company has a fifty day moving average price of $19.10 and a 200-day moving average price of $20.90.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $239.19 million during the quarter, compared to analyst estimates of $241.31 million. During the same quarter in the prior year, the business posted ($1.09) EPS. The business’s revenue was down 3.2% compared to the same quarter last year. On average, research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s payout ratio is -2.25%.

Cogent Communications Company 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.