Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lifted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,039,458 shares of the technology company’s stock after purchasing an additional 4,197 shares during the quarter. Thrivent Financial for Lutherans owned about 2.12% of Cogent Communications worth $78,916,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new stake in Cogent Communications in the 1st quarter valued at $26,000. Blue Trust Inc. increased its position in Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after purchasing an additional 272 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after purchasing an additional 226 shares during the period. GAMMA Investing LLC grew its stake in shares of 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 during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after buying an additional 441 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Activity

In other news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the sale, the executive now directly owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The trade was a 3.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value 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 approximately $318,444,627.16. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,500 shares of company stock worth $5,008,175. 11.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of recent analyst reports. UBS Group initiated coverage on Cogent Communications in a report on Thursday. They issued a “buy” rating and a $102.00 price objective on the stock. The Goldman Sachs Group increased their price target on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. JPMorgan Chase & Co. boosted their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. TD Cowen increased their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Trading Up 2.0 %

NASDAQ CCOI opened at $79.40 on Monday. 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 firm has a market cap of $3.89 billion, a price-to-earnings ratio of 101.79 and a beta of 0.40. The firm has a 50 day simple moving average of $78.20 and a 200-day simple moving average of $68.17. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the company posted ($1.13) EPS. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 22nd. This represents a $3.98 annualized dividend and a yield of 5.01%. Cogent Communications’s dividend payout ratio is 505.13%.

Cogent Communications 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.