Envestnet Asset Management Inc. Sells 7,029 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Envestnet Asset Management Inc. lessened its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 10.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,042 shares of the technology company's stock after selling 7,029 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.13% of Cogent Communications worth $3,804,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CCOI. DigitalBridge Group Inc. raised its holdings in Cogent Communications by 246.0% in the 4th quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company's stock valued at $69,973,000 after buying an additional 645,521 shares during the last quarter. Raymond James Financial Inc. bought a new position in Cogent Communications during the 4th quarter worth approximately $39,845,000. Brown Advisory Inc. raised its holdings in Cogent Communications by 24.1% during the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company's stock worth $146,209,000 after purchasing an additional 368,129 shares during the last quarter. Hood River Capital Management LLC raised its holdings in Cogent Communications by 21.8% during the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock worth $110,738,000 after purchasing an additional 257,383 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Cogent Communications by 45.7% during the 4th quarter. Ameriprise Financial Inc. now owns 752,158 shares of the technology company's stock worth $57,961,000 after purchasing an additional 235,842 shares during the last quarter. Institutional investors own 92.45% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on CCOI. UBS Group lowered their price target on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 9th. The Goldman Sachs Group lowered their price target on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $75.75.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $48.83 on Friday. The company has a fifty day moving average of $48.57 and a 200-day moving average of $59.92. The firm has a market capitalization of $2.41 billion, a P/E ratio of -12.18 and a beta of 0.73. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89. Cogent Communications Holdings, Inc. has a twelve month low of $43.65 and a twelve month high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The company had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The business's revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.38) EPS. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were paid a $1.01 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $4.04 annualized dividend and a dividend yield of 8.27%. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's payout ratio is currently -100.75%.

Insider Buying and Selling

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total value of $235,396.00. Following the completion of the sale, the chief financial officer owned 98,000 shares in the company, valued at $4,707,920. The trade was a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $47.95, for a total transaction of $115,080.00. Following the sale, the vice president owned 38,600 shares of the company's stock, valued at $1,850,870. This trade represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 445,500 shares of company stock worth $21,285,069 over the last ninety days. 11.40% of the stock is owned by company insiders.

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.

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