Cogent Communications Holdings, Inc. $CCOI Shares Bought by Harspring Capital Management LLC

Harspring Capital Management LLC lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 60.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,402,500 shares of the technology company’s stock after buying an additional 527,500 shares during the quarter. Cogent Communications comprises approximately 11.2% of Harspring Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding. Harspring Capital Management LLC’s holdings in Cogent Communications were worth $30,238,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Landscape Capital Management L.L.C. grew its position in shares of Cogent Communications by 185.5% during the 4th quarter. Landscape Capital Management L.L.C. now owns 24,594 shares of the technology company’s stock worth $530,000 after buying an additional 15,981 shares during the period. Barclays PLC grew its position in shares of Cogent Communications by 34.7% during the 4th quarter. Barclays PLC now owns 88,314 shares of the technology company’s stock worth $1,904,000 after buying an additional 22,741 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth approximately $43,000. Bridgewater Associates LP acquired a new stake in shares of Cogent Communications during the 4th quarter worth approximately $279,000. Finally, Bridgefront Capital LLC grew its position in shares of Cogent Communications by 377.5% during the 4th quarter. Bridgefront Capital LLC now owns 45,198 shares of the technology company’s stock worth $974,000 after buying an additional 35,732 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Up 6.2%

Shares of CCOI opened at $15.86 on Friday. Cogent Communications Holdings, Inc. has a 12-month low of $14.41 and a 12-month high of $54.37. The business’s fifty day moving average is $19.31 and its 200 day moving average is $20.93. The stock has a market cap of $794.27 million, a P/E ratio of -4.47 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. During the same period last year, the business earned ($1.09) EPS. Cogent Communications’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, analysts expect that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were paid a dividend of $0.02 per share. The ex-dividend date was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.5%. Cogent Communications’s dividend payout ratio (DPR) is -2.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented 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. Oppenheimer cut their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Monday, February 23rd. UBS Group cut their target price on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Citigroup cut their target price on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, May 19th. Finally, Weiss Ratings cut Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $24.90.

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.