Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 739,756 shares of the technology company's stock after selling 155,400 shares during the period. Renaissance Technologies LLC owned 1.51% of Cogent Communications worth $57,013,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CCOI. Hillsdale Investment Management Inc. purchased a new position in shares of Cogent Communications in the 4th quarter valued at about $46,000. Blue Trust Inc. raised its holdings in Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after purchasing an additional 218 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cogent Communications during the 4th quarter worth approximately $63,000. Jones Financial Companies Lllp boosted its holdings in shares of Cogent Communications by 132.1% in the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock valued at $67,000 after buying an additional 498 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of Cogent Communications by 212.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company's stock valued at $113,000 after buying an additional 1,015 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company's stock.

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Cogent Communications Stock Performance

Shares of CCOI traded up $0.46 during mid-day trading on Tuesday, hitting $53.54. 96,745 shares of the company's stock were exchanged, compared to its average volume of 454,608. The firm has a market capitalization of $2.64 billion, a P/E ratio of 68.64 and a beta of 0.69. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The business's 50 day moving average is $69.05 and its two-hundred day moving average is $75.00. Cogent Communications Holdings, Inc. has a fifty-two week low of $47.54 and a fifty-two week high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its earnings results on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.31. The company had revenue of $252.29 million during the quarter, compared to analysts' expectations of $258.49 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. On average, equities analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a dividend yield of 7.51%. The ex-dividend date was Thursday, March 13th. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. Cogent Communications's dividend payout ratio (DPR) is currently -93.49%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have given 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, the company currently has an average rating of "Hold" and a consensus target price of $80.25.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 956 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total value of $66,308.16. Following the sale, the director now owns 18,652 shares of the company's stock, valued at approximately $1,293,702.72. This represents a 4.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $72.96, for a total value of $103,968.00. Following the sale, the director now directly owns 10,147 shares in the company, valued at approximately $740,325.12. The trade was a 12.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,681 shares of company stock worth $840,878 over the last 90 days. Company insiders own 11.40% 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.