Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC increased its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 46.6% during the fourth quarter, Holdings Channel reports. The fund owned 828,664 shares of the technology company’s stock after acquiring an additional 263,276 shares during the quarter. Jennison Associates LLC’s holdings in Cogent Communications were worth $63,028,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Cogent Communications during the fourth quarter worth approximately $220,000. Ipswich Investment Management Co. Inc. raised its stake in Cogent Communications by 5.7% during the fourth quarter. Ipswich Investment Management Co. Inc. now owns 38,899 shares of the technology company’s stock worth $2,959,000 after purchasing an additional 2,110 shares during the period. Federated Hermes Inc. raised its stake in Cogent Communications by 34.6% during the fourth quarter. Federated Hermes Inc. now owns 3,430 shares of the technology company’s stock worth $261,000 after purchasing an additional 881 shares during the period. River Road Asset Management LLC raised its stake in Cogent Communications by 9.5% during the fourth quarter. River Road Asset Management LLC now owns 417,801 shares of the technology company’s stock worth $31,778,000 after purchasing an additional 36,288 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in Cogent Communications during the fourth quarter worth approximately $202,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. KeyCorp increased their price target on shares of Cogent Communications from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Bank of America downgraded shares of Cogent Communications from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. TheStreet raised shares of Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. StockNews.com raised shares of Cogent Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Finally, TD Cowen raised their target price on shares of Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Four investment 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 currently has a consensus rating of “Hold” and a consensus price target of $77.57.

Cogent Communications Price Performance

CCOI opened at $64.51 on Tuesday. The company has a fifty day simple moving average of $68.58 and a 200 day simple moving average of $69.50. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 2.41 and a beta of 0.39. Cogent Communications Holdings, Inc. has a twelve month low of $57.35 and a twelve month high of $86.00. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24.

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

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Friday, March 15th were issued a dividend of $0.965 per share. This represents a $3.86 dividend on an annualized basis and a yield of 5.98%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date was Thursday, March 14th. Cogent Communications’s dividend payout ratio (DPR) is presently 14.43%.

Insider Activity at Cogent Communications

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

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.