BlackBarn Capital Partners LP Increases Holdings in Cogent Communications Holdings, Inc. $CCOI

BlackBarn Capital Partners LP raised its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 26.3% in the second quarter, HoldingsChannel reports. The firm owned 240,000 shares of the technology company’s stock after buying an additional 50,000 shares during the quarter. Cogent Communications makes up 0.7% of BlackBarn Capital Partners LP’s investment portfolio, making the stock its 11th biggest position. BlackBarn Capital Partners LP’s holdings in Cogent Communications were worth $11,570,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Balyasny Asset Management L.P. purchased a new position in shares of Cogent Communications during the second quarter valued at approximately $391,000. Bank of America Corp DE raised its holdings in Cogent Communications by 42.7% in the 2nd quarter. Bank of America Corp DE now owns 176,050 shares of the technology company’s stock worth $8,487,000 after purchasing an additional 52,652 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cogent Communications by 4.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,143 shares of the technology company’s stock worth $9,263,000 after purchasing an additional 8,115 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Cogent Communications during the 2nd quarter valued at about $1,201,000. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Cogent Communications by 144.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 687,839 shares of the technology company’s stock valued at $33,161,000 after purchasing an additional 406,129 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Trading Down 4.4%

Shares of NASDAQ CCOI opened at $23.27 on Friday. The firm’s 50 day moving average price is $30.39 and its 200-day moving average price is $38.84. Cogent Communications Holdings, Inc. has a 52-week low of $15.96 and a 52-week high of $84.06. 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 company has a market cap of $1.14 billion, a PE ratio of -5.70 and a beta of 0.83.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) earnings per share for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the previous year, the business earned ($1.33) EPS. On average, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 8th. Stockholders of record on Friday, November 21st were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, November 21st. Cogent Communications’s dividend payout ratio is presently -1.96%.

Insider Buying and Selling at Cogent Communications

In other news, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total transaction of $81,360.00. Following the sale, the director owned 19,267 shares of the company’s stock, valued at $391,890.78. This trade represents a 17.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total transaction of $51,216.00. Following the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 11.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CCOI. JPMorgan Chase & Co. decreased their price target on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Cogent Communications in a research report on Monday. Citigroup cut their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Wells Fargo & Company reiterated an “equal weight” rating and set a $27.00 target price (down from $45.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, KeyCorp restated an “overweight” rating on shares of Cogent Communications in a research note on Wednesday. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $25.71.

About Cogent Communications

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.