M&G Plc Has $29.39 Million Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

by · The Markets Daily

M&G Plc cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 386,713 shares of the technology company’s stock after selling 12,444 shares during the quarter. M&G Plc owned approximately 0.79% of Cogent Communications worth $29,390,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CCOI. EntryPoint Capital LLC acquired a new position in Cogent Communications during the 1st quarter worth about $26,000. Blue Trust Inc. raised its position in shares of Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after acquiring an additional 272 shares in the last quarter. Hexagon Capital Partners LLC increased its position in Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after buying an additional 226 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after buying an additional 441 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Cogent Communications by 207.0% in the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock valued at $50,000 after buying an additional 445 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $84.70 on Thursday. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The company has a 50 day simple moving average of $76.80 and a two-hundred day simple moving average of $67.38. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of 93.08 and a beta of 0.40. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.27) by $0.59. The company had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.13) earnings per share. Analysts expect that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CCOI shares. KeyCorp boosted their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. The Goldman Sachs Group boosted their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Citigroup boosted their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. Finally, TD Cowen upped their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average target price of $77.14.

Check Out Our Latest Report on CCOI

Insider Activity at Cogent Communications

In related news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the sale, the chief executive officer now owns 4,373,038 shares in the company, valued at $318,444,627.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock valued at $4,716,057 over the last 90 days. Corporate insiders own 11.00% of the company’s stock.

Cogent Communications Company Profile

(Free Report)

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.

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