Jennison Associates LLC trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 36.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 319,598 shares of the technology company's stock after selling 181,621 shares during the quarter. Jennison Associates LLC owned 0.65% of Cogent Communications worth $24,264,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of CCOI. Thrivent Financial for Lutherans lifted its stake in Cogent Communications by 2,739.1% during the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company's stock worth $58,430,000 after purchasing an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. lifted its stake in Cogent Communications by 500.1% during the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company's stock worth $68,699,000 after acquiring an additional 876,326 shares in the last quarter. Capital World Investors boosted its holdings in Cogent Communications by 327.7% during the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company's stock valued at $64,129,000 after acquiring an additional 752,133 shares during the period. Hood River Capital Management LLC grew its position in Cogent Communications by 18.9% in the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company's stock valued at $49,338,000 after acquiring an additional 138,680 shares in the last quarter. Finally, AYAL Capital Advisors Ltd purchased a new stake in Cogent Communications during the second quarter worth about $6,372,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ CCOI opened at $83.16 on Friday. The stock's 50-day simple moving average is $79.21 and its 200-day simple moving average is $68.73. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market capitalization of $4.08 billion, a PE ratio of 106.61 and a beta of 0.40. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. Cogent Communications's revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.13) earnings per share. As a group, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.995 per share. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 4.79%. The ex-dividend date is Friday, November 22nd. Cogent Communications's dividend payout ratio (DPR) is presently 505.13%.
A number of brokerages recently weighed in on CCOI. Bank of America cut shares of Cogent Communications from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. The Goldman Sachs Group upped their price objective on Cogent Communications from $62.00 to $71.00 and gave the stock a "neutral" rating in a research report on Friday, October 4th. UBS Group started coverage on Cogent Communications in a report on Thursday, November 14th. They issued a "buy" rating and a $102.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. Finally, Citigroup increased their price target on Cogent Communications from $70.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, August 19th. 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 stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $80.25.
View Our Latest Research Report on CCOI
In other Cogent Communications news, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the sale, the director now owns 10,000 shares of the company's stock, valued at approximately $836,900. The trade was a 38.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the transaction, the director now owns 10,318 shares of the company's stock, valued at $831,424.44. The trade was a 11.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,016 shares of company stock valued at $5,485,335 over the last quarter. 11.40% of the stock is currently owned by insiders.
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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