389 Shares in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Purchased by Itau Unibanco Holding S.A.

Itau Unibanco Holding S.A. bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 389 shares of the technology company’s stock, valued at approximately $30,000.

Several other hedge funds have also made changes to their positions in the company. Cinctive Capital Management LP acquired a new position in shares of Cogent Communications in the 3rd quarter valued at $2,425,000. Atom Investors LP purchased a new stake in Cogent Communications in the 3rd quarter valued at about $4,565,000. Edgestream Partners L.P. acquired a new position in Cogent Communications in the third quarter valued at about $4,325,000. Verition Fund Management LLC boosted its stake in Cogent Communications by 136.5% during the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company’s stock worth $11,025,000 after buying an additional 83,816 shares during the period. Finally, PEAK6 Investments LLC acquired a new stake in shares of Cogent Communications during the third quarter valued at about $1,720,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insiders Place Their Bets

In other news, Director Blake Bath sold 6,220 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $836,900. This represents a 38.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thaddeus Gerard Weed sold 4,800 shares of Cogent Communications stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $81.58, for a total transaction of $391,584.00. Following the completion of the transaction, the chief financial officer now owns 88,500 shares in the company, valued at approximately $7,219,830. This trade represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,816 shares of company stock valued at $1,530,087. 11.00% of the stock is currently owned by insiders.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $80.61 on Wednesday. The stock’s 50-day moving average is $80.54 and its two-hundred day moving average is $69.80. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The company has a market cap of $3.95 billion, a price-to-earnings ratio of 103.35 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.01. The firm had revenue of $257.20 million for 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 earned ($1.13) earnings per share. Analysts forecast that Cogent Communications Holdings, Inc. will post -4.53 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.995 dividend. This represents a $3.98 annualized dividend and a yield of 4.94%. The ex-dividend date is Friday, November 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio is currently 510.26%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. TD Cowen upped their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. KeyCorp upped their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. Finally, UBS Group assumed coverage on Cogent Communications in a research report on Thursday, November 14th. They issued a “buy” rating and a $102.00 target price for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $80.25.

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.