Edgestream Partners L.P. Buys 31,585 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Edgestream Partners L.P. raised its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 55.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 88,550 shares of the technology company's stock after buying an additional 31,585 shares during the period. Edgestream Partners L.P. owned about 0.18% of Cogent Communications worth $6,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. State Street Corp lifted its position in shares of Cogent Communications by 1.3% during the third quarter. State Street Corp now owns 1,750,810 shares of the technology company's stock valued at $132,921,000 after purchasing an additional 22,738 shares in the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of Cogent Communications by 0.3% during the third quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company's stock valued at $117,107,000 after purchasing an additional 5,307 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Cogent Communications by 0.4% during the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company's stock valued at $78,916,000 after purchasing an additional 4,197 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cogent Communications by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company's stock valued at $77,021,000 after purchasing an additional 3,093 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company's stock valued at $60,793,000 after purchasing an additional 79,474 shares in the last quarter. 92.45% of the stock is owned by institutional investors.

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Cogent Communications Stock Performance

CCOI traded up $0.69 during midday trading on Friday, reaching $71.59. The company had a trading volume of 395,612 shares, compared to its average volume of 370,378. 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 stock has a market cap of $3.53 billion, a PE ratio of 91.78 and a beta of 0.45. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The business has a 50-day moving average price of $76.16 and a two-hundred day moving average price of $76.98.

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

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $1.005 dividend. The ex-dividend date is Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 5.62%. This is a positive change from Cogent Communications's previous quarterly dividend of $1.00. Cogent Communications's payout ratio is -93.49%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Cogent Communications in a research report on Thursday, November 14th. They set a "buy" rating and a $102.00 price target on the stock. 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 given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $80.25.

Insider Activity

In related news, VP Henry W. Kilmer sold 4,800 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $75.61, for a total transaction of $362,928.00. Following the sale, the vice president now owns 33,800 shares of the company's stock, valued at approximately $2,555,618. This represents a 12.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $72.06, for a total transaction of $353,094.00. Following the sale, the chief financial officer now directly owns 103,000 shares in the company, valued at $7,422,180. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,045 shares of company stock valued at $1,110,402 over the last quarter. Company insiders own 11.40% of the company's stock.

About Cogent Communications

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.