Prudential Financial Inc. raised its stake in Cogent Communications Group Inc. (NASDAQ:CCOI) by 6.1% during the second quarter, Holdings Channel reports. The institutional investor owned 105,637 shares of the company’s stock after buying an additional 6,048 shares during the period. Prudential Financial Inc. owned about 0.24% of Cogent Communications Group worth $4,232,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its position in Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock valued at $126,000 after buying an additional 1,718 shares in the last quarter. Gilder Gagnon Howe & Co. LLC boosted its position in Cogent Communications Group by 113.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 3,546 shares of the company’s stock valued at $142,000 after buying an additional 1,886 shares in the last quarter. Riverhead Capital Management LLC acquired a new position in Cogent Communications Group during the first quarter valued at $165,000. Teacher Retirement System of Texas boosted its position in Cogent Communications Group by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 6,029 shares of the company’s stock valued at $242,000 after buying an additional 726 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in Cogent Communications Group during the second quarter valued at $365,000. 98.09% of the stock is owned by institutional investors and hedge funds.
Cogent Communications Group Inc. (NASDAQ:CCOI) opened at 35.04 on Monday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 118.38 and a beta of 0.98. Cogent Communications Group Inc. has a 12 month low of $29.20 and a 12 month high of $43.61. The firm has a 50-day moving average price of $35.91 and a 200-day moving average price of $38.65.
Cogent Communications Group (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Cogent Communications Group had a net margin of 3.10% and a negative return on equity of 89.73%. The company earned $110 million during the quarter, compared to the consensus estimate of $110.88 million. During the same period in the previous year, the business earned $0.02 earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts anticipate that Cogent Communications Group Inc. will post $0.40 earnings per share for the current fiscal year.
Several research firms recently weighed in on CCOI. Jefferies Group reissued a “hold” rating on shares of Cogent Communications Group in a research report on Saturday, August 6th. BTIG Research reaffirmed a “buy” rating and issued a $43.00 price target on shares of Cogent Communications Group in a report on Monday, August 8th. Zacks Investment Research raised Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Monday, August 1st. Drexel Hamilton set a $44.00 target price on Cogent Communications Group and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, TheStreet raised Cogent Communications Group from a “hold” rating to a “buy” rating in a report on Thursday, August 4th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $42.70.
In other Cogent Communications Group news, Director Tim Weingarten sold 2,822 shares of the business’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $35.57, for a total transaction of $100,378.54. Following the completion of the transaction, the director now directly owns 21,479 shares in the company, valued at $764,008.03. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $42.64, for a total transaction of $42,640.00. The disclosure for this sale can be found here. 9.17% of the stock is currently owned by insiders.
Cogent Communications Group Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.