Jennison Associates LLC Grows Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Jennison Associates LLC grew its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 46.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 828,664 shares of the technology company's stock after purchasing an additional 263,276 shares during the quarter. Jennison Associates LLC owned about 1.71% of Cogent Communications worth $63,028,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Cogent Communications by 895.0% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company's stock worth $25,000 after acquiring an additional 358 shares during the period. Strs Ohio boosted its stake in Cogent Communications by 20.0% in the 3rd quarter. Strs Ohio now owns 1,800 shares of the technology company's stock valued at $111,000 after purchasing an additional 300 shares during the period. CI Investments Inc. bought a new stake in Cogent Communications in the 3rd quarter valued at $142,000. Fifth Third Bancorp boosted its stake in Cogent Communications by 56.7% in the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company's stock valued at $154,000 after purchasing an additional 733 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Cogent Communications in the 4th quarter valued at $202,000. Institutional investors and hedge funds own 92.45% of the company's stock.

Insider Transactions at Cogent Communications

In other news, CRO James Bubeck sold 1,920 shares of the firm's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the transaction, the executive now directly owns 54,822 shares of the company's stock, valued at $4,200,461.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the firm's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the sale, the vice president now owns 41,000 shares in the company, valued at $3,012,270. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO James Bubeck sold 1,920 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the sale, the executive now owns 54,822 shares in the company, valued at approximately $4,200,461.64. The disclosure for this sale can be found here. Insiders sold a total of 69,320 shares of company stock valued at $4,669,997 over the last ninety days. 11.00% of the stock is currently owned by insiders.

Cogent Communications Trading Down 0.3 %

Shares of NASDAQ CCOI traded down $0.19 during trading on Tuesday, reaching $64.32. The company had a trading volume of 337,419 shares, compared to its average volume of 411,148. The company's fifty day moving average price is $68.37 and its 200-day moving average price is $69.52. Cogent Communications Holdings, Inc. has a 12 month low of $57.35 and a 12 month high of $86.00. The stock has a market cap of $3.05 billion, a P/E ratio of 2.40 and a beta of 0.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.24.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating analysts' consensus estimates of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The firm had revenue of $272.10 million for the quarter, compared to analyst estimates of $275.82 million. As a group, research analysts expect that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were issued a $0.965 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.86 annualized dividend and a yield of 6.00%. This is a positive change from Cogent Communications's previous quarterly dividend of $0.96. Cogent Communications's dividend payout ratio is presently 14.43%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. TD Cowen boosted their price target on Cogent Communications from $81.00 to $84.00 and gave the company an "outperform" rating in a research note on Friday, March 1st. Bank of America cut Cogent Communications from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $85.00 to $75.00 in a report on Thursday, March 7th. TheStreet raised Cogent Communications from a "c+" rating to a "b" rating in a report on Thursday, February 29th. StockNews.com raised Cogent Communications from a "sell" rating to a "hold" rating in a report on Wednesday, April 17th. Finally, JPMorgan Chase & Co. dropped their price objective on Cogent Communications from $74.00 to $73.00 and set a "neutral" rating for the company in a report on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $77.57.

Cogent Communications Company 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.