Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Position Trimmed by Jennison Associates LLC

Jennison Associates LLC lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 3.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 299,016 shares of the technology company's stock after selling 9,544 shares during the quarter. Jennison Associates LLC owned about 0.61% of Cogent Communications worth $18,333,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CCOI. DigitalBridge Group Inc. raised its stake in shares of Cogent Communications by 246.0% during the fourth quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company's stock valued at $69,973,000 after purchasing an additional 645,521 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Cogent Communications during the 4th quarter worth about $39,845,000. Brown Advisory Inc. lifted its stake in shares of Cogent Communications by 24.1% in the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company's stock worth $146,209,000 after acquiring an additional 368,129 shares during the period. Hood River Capital Management LLC boosted its holdings in shares of Cogent Communications by 21.8% in the fourth quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock valued at $110,738,000 after acquiring an additional 257,383 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Cogent Communications by 45.7% during the fourth quarter. Ameriprise Financial Inc. now owns 752,158 shares of the technology company's stock valued at $57,961,000 after acquiring an additional 235,842 shares during the period. Institutional investors own 92.45% of the company's stock.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, 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 directly owned 38,600 shares of the company's stock, valued at $1,850,870. The trade was a 5.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 70,000 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $47.11, for a total value of $3,297,700.00. Following the completion of the sale, the chief executive officer owned 3,356,721 shares of the company's stock, valued at $158,135,126.31. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 445,500 shares of company stock valued at $21,285,069 over the last three months. 11.40% of the stock is owned by insiders.

Cogent Communications Price Performance

Shares of NASDAQ CCOI traded down $1.41 during trading on Thursday, hitting $48.87. The company had a trading volume of 376,856 shares, compared to its average volume of 535,517. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76. The business's 50-day moving average is $48.61 and its 200 day moving average is $60.17. The company has a market cap of $2.41 billion, a P/E ratio of -12.19 and a beta of 0.73. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49.

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

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were given a $1.01 dividend. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a dividend yield of 8.27%. The ex-dividend date was Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is -100.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group cut their target price on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. UBS Group cut their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $75.75.

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.