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

Jennison Associates LLC trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 36.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 quarter.

Other institutional investors also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new stake in Cogent Communications during the 1st quarter worth about $26,000. Blue Trust Inc. grew its stake in Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock worth $31,000 after purchasing an additional 272 shares during the period. Hexagon Capital Partners LLC increased its holdings in Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock worth $41,000 after purchasing an additional 226 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cogent Communications by 127.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company's stock valued at $44,000 after buying an additional 441 shares during the period. Finally, Quest Partners LLC acquired a new position in Cogent Communications in the third quarter valued at approximately $46,000. Institutional investors own 92.45% of the company's stock.

Insider Transactions at Cogent Communications

In related news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Blake Bath sold 6,220 shares of the business's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the sale, the director now directly owns 10,000 shares in the company, valued at $836,900. The trade was a 38.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,016 shares of company stock valued at $5,485,335. Company insiders own 11.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. KeyCorp boosted their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Tuesday, August 27th. Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, August 19th. JPMorgan Chase & Co. increased their price objective on Cogent Communications from $70.00 to $76.00 and gave the stock a "neutral" rating in a research report on Monday, August 12th. UBS Group started coverage on shares of Cogent Communications in a research report on Thursday, November 14th. They set a "buy" rating and a $102.00 target price for the company. Finally, TD Cowen upped their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, August 9th. Two research 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 company's stock. According to MarketBeat, Cogent Communications currently has a consensus rating of "Hold" and an average target price of $80.25.

Cogent Communications Trading Up 0.4 %

Cogent Communications stock traded up $0.36 during trading hours on Friday, reaching $83.16. The company had a trading volume of 475,734 shares, compared to its average volume of 390,979. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of 106.61 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The company has a 50-day moving average price of $79.21 and a 200 day moving average price of $68.77.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.01. The firm 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%. The company's quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.13) earnings per share. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.995 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 4.79%. Cogent Communications's dividend payout ratio is 505.13%.

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.