Cogent Communications Holdings, Inc. $CCOI Holdings Increased by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. grew its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 15,230.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 154,075 shares of the technology company’s stock after buying an additional 153,070 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cogent Communications were worth $3,322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. raised its position in shares of Cogent Communications by 3.6% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock worth $289,000 after buying an additional 262 shares in the last quarter. Keybank National Association OH raised its position in shares of Cogent Communications by 5.7% during the 3rd quarter. Keybank National Association OH now owns 6,835 shares of the technology company’s stock worth $262,000 after buying an additional 370 shares in the last quarter. Empowered Funds LLC raised its position in shares of Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock worth $335,000 after buying an additional 510 shares in the last quarter. Covestor Ltd raised its position in shares of Cogent Communications by 34.0% during the 3rd quarter. Covestor Ltd now owns 2,705 shares of the technology company’s stock worth $104,000 after buying an additional 686 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Cogent Communications during the 3rd quarter worth about $27,000. 92.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. UBS Group dropped their price target on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Citigroup dropped their target price on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, May 19th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 target price (down from $23.00) on shares of Cogent Communications in a report on Tuesday, May 5th. Oppenheimer dropped their target price on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Monday, February 23rd. Finally, Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $24.90.

Cogent Communications Price Performance

NASDAQ CCOI opened at $18.16 on Monday. The company’s 50 day simple moving average is $19.71 and its 200 day simple moving average is $21.43. Cogent Communications Holdings, Inc. has a 12 month low of $14.82 and a 12 month high of $54.37. The company has a market capitalization of $909.42 million, a P/E ratio of -5.12 and a beta of 0.85.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping 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 business had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. During the same period in the previous year, the firm earned ($1.09) EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -3.9 earnings per share for the current year.

Cogent Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, May 18th. Cogent Communications’s dividend payout ratio (DPR) is -2.25%.

Insider Activity

In other news, Director Lewis H. Ferguson sold 2,206 shares of Cogent Communications stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total value of $50,804.18. Following the transaction, the director directly owned 20,449 shares of the company’s stock, valued at $470,940.47. This trade represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $23.35, for a total transaction of $56,040.00. Following the completion of the transaction, the vice president directly owned 41,000 shares in the company, valued at approximately $957,350. This trade represents a 5.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 12,756 shares of company stock valued at $292,467. 4.20% of the stock is currently owned by insiders.

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.