Envestnet Asset Management Inc. Lowers Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Envestnet Asset Management Inc. reduced its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 55.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,071 shares of the technology company's stock after selling 87,046 shares during the quarter. Envestnet Asset Management Inc. owned about 0.14% of Cogent Communications worth $5,323,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock valued at $394,182,000 after acquiring an additional 43,523 shares during the period. Reaves W H & Co. Inc. boosted its position in shares of Cogent Communications by 17.1% in the fourth quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company's stock valued at $53,835,000 after acquiring an additional 101,956 shares during the period. Raymond James Financial Inc. bought a new position in shares of Cogent Communications in the fourth quarter valued at approximately $39,845,000. Charles Schwab Investment Management Inc. boosted its position in shares of Cogent Communications by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company's stock valued at $39,255,000 after acquiring an additional 11,858 shares during the period. Finally, Tyro Capital Management LLC boosted its position in shares of Cogent Communications by 0.6% in the third quarter. Tyro Capital Management LLC now owns 350,304 shares of the technology company's stock valued at $26,595,000 after acquiring an additional 2,063 shares during the period. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Price Performance

Shares of CCOI stock traded up $0.09 during trading hours on Monday, hitting $53.62. 294,585 shares of the company's stock were exchanged, compared to its average volume of 458,558. The company has a market capitalization of $2.65 billion, a PE ratio of 68.74 and a beta of 0.69. Cogent Communications Holdings, Inc. has a 12-month low of $47.54 and a 12-month high of $86.76. The business's 50 day simple moving average is $63.20 and its 200-day simple moving average is $73.26. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.31. The firm had revenue of $252.29 million for the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. On average, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $1.005 per share. The ex-dividend date was Thursday, March 13th. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a dividend yield of 7.50%. Cogent Communications's dividend payout ratio (DPR) is -93.49%.

Insiders Place Their Bets

In related news, Director Lewis H. Ferguson sold 956 shares of Cogent Communications stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total value of $66,308.16. Following the transaction, the director now directly owns 18,652 shares of the company's stock, valued at $1,293,702.72. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of Cogent Communications stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the transaction, the director now directly owns 10,147 shares in the company, valued at approximately $740,325.12. The trade was a 12.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,681 shares of company stock valued at $840,878. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $80.25.

About Cogent Communications

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.