Fmr LLC Purchases 370,945 Shares of Cogent Communications Holdings Inc (NASDAQ:CCOI)

FMR LLC boosted its stake in Cogent Communications Holdings Inc (NASDAQ:CCOI) by 33.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,488,748 shares of the technology company’s stock after buying an additional 370,945 shares during the quarter. FMR LLC owned approximately 3.21% of Cogent Communications worth $80,764,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Royce & Associates LP boosted its position in shares of Cogent Communications by 29.2% during the first quarter. Royce & Associates LP now owns 810 shares of the technology company’s stock worth $44,000 after buying an additional 183 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Cogent Communications by 296.4% during the first quarter. Quadrant Capital Group LLC now owns 1,328 shares of the technology company’s stock worth $70,000 after buying an additional 993 shares during the period. Advisor Group Inc. boosted its position in shares of Cogent Communications by 43.3% during the fourth quarter. Advisor Group Inc. now owns 1,609 shares of the technology company’s stock worth $72,000 after buying an additional 486 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in shares of Cogent Communications during the first quarter worth about $91,000. Finally, Quantamental Technologies LLC boosted its position in shares of Cogent Communications by 156.5% during the first quarter. Quantamental Technologies LLC now owns 3,942 shares of the technology company’s stock worth $214,000 after buying an additional 2,405 shares during the period. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Shares of NASDAQ CCOI traded down $0.02 during trading hours on Friday, reaching $62.58. 324,569 shares of the stock were exchanged, compared to its average volume of 222,563. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 99.33, a price-to-earnings-growth ratio of 8.73 and a beta of 0.56. Cogent Communications Holdings Inc has a 52 week low of $42.40 and a 52 week high of $63.39. The company’s fifty day simple moving average is $60.17.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 2nd. The technology company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The company had revenue of $134.20 million for the quarter, compared to analyst estimates of $135.21 million. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share. On average, analysts forecast that Cogent Communications Holdings Inc will post 0.9 EPS for the current fiscal year.

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 1,500 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $57.11, for a total value of $85,665.00. Following the sale, the chief financial officer now owns 78,950 shares of the company’s stock, valued at approximately $4,508,834.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Blake Bath sold 10,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $57.88, for a total value of $578,800.00. Following the completion of the sale, the director now directly owns 18,425 shares in the company, valued at approximately $1,066,439. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,425 shares of company stock worth $1,949,397. Company insiders own 10.17% of the company’s stock.

Several research firms have recently weighed in on CCOI. CIBC upped their price objective on Quebecor from C$34.00 to C$35.00 in a research report on Friday, May 10th. Wells Fargo & Co set a $33.00 target price on Matador Resources and gave the stock a “hold” rating in a report on Thursday, July 11th. Zacks Investment Research lowered GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a report on Monday, May 6th. Oppenheimer set a $2.00 target price on Valeritas and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, BidaskClub lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. Cogent Communications presently has an average rating of “Hold” and a consensus target price of $53.57.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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