Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Harspring Capital Management LLC

Harspring Capital Management LLC trimmed its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 12.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,034,797 shares of the technology company’s stock after selling 141,703 shares during the period. Cogent Communications comprises 22.7% of Harspring Capital Management LLC’s holdings, making the stock its largest position. Harspring Capital Management LLC’s holdings in Cogent Communications were worth $79,752,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Cogent Communications by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock worth $394,182,000 after acquiring an additional 43,523 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cogent Communications by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock worth $77,021,000 after purchasing an additional 3,093 shares during the period. Reaves W H & Co. Inc. boosted its position in Cogent Communications by 17.1% during the fourth quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company’s stock worth $53,835,000 after purchasing an additional 101,956 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Cogent Communications in the fourth quarter valued at approximately $39,845,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Cogent Communications by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock valued at $39,255,000 after buying an additional 11,858 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Insiders Place Their Bets

In other news, Director Sheryl Lynn Kennedy sold 1,425 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.96, for a total transaction of $103,968.00. Following the transaction, the director now owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. The trade was a 12.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $72.57, for a total transaction of $174,168.00. Following the sale, the vice president now owns 41,000 shares of the company’s stock, valued at approximately $2,975,370. The trade was a 5.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock valued at $840,878 in the last ninety days. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Stock Up 2.6 %

Shares of CCOI opened at $53.08 on Tuesday. The stock has a 50 day moving average price of $69.05 and a 200 day moving average price of $75.00. Cogent Communications Holdings, Inc. has a one year low of $47.54 and a one year high of $86.76. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 68.05 and a beta of 0.69.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.31. The business had revenue of $252.29 million during the quarter, compared to analyst estimates of $258.49 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $1.005 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a yield of 7.57%. Cogent Communications’s dividend payout ratio is presently -93.49%.

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.