Fmr LLC Has $60.79 Million Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

FMR LLC grew its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 11.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 800,758 shares of the technology company's stock after purchasing an additional 79,474 shares during the period. FMR LLC owned approximately 1.63% of Cogent Communications worth $60,793,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock valued at $31,000 after buying an additional 272 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock valued at $41,000 after buying an additional 226 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Cogent Communications in the 3rd quarter valued at $46,000. GAMMA Investing LLC lifted its stake in shares of Cogent Communications by 207.0% in the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company's stock valued at $50,000 after purchasing an additional 445 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company's stock valued at $44,000 after purchasing an additional 441 shares during the period. 92.45% of the stock is currently owned by institutional investors.

Insider Activity at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,800 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $81.58, for a total transaction of $391,584.00. Following the transaction, the chief financial officer now owns 88,500 shares of the company's stock, valued at $7,219,830. The trade was a 5.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $81.42, for a total value of $156,326.40. Following the transaction, the executive now directly owns 51,462 shares in the company, valued at approximately $4,190,036.04. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,816 shares of company stock valued at $1,530,087. 11.40% of the stock is owned by insiders.

Cogent Communications Stock Down 0.7 %

Shares of Cogent Communications stock traded down $0.57 during trading on Friday, reaching $78.15. The stock had a trading volume of 378,659 shares, compared to its average volume of 425,450. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 100.19 and a beta of 0.39. The stock has a fifty day moving average price of $80.92 and a two-hundred day moving average price of $70.21. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.01. The company had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company's quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.13) earnings per share. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.53 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.995 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.09%. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. Cogent Communications's payout ratio is currently 510.26%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on Cogent Communications from $62.00 to $71.00 and gave the company a "neutral" rating in a research note on Friday, October 4th. Bank of America downgraded Cogent Communications from a "neutral" rating to an "underperform" rating and cut their price target for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. Royal Bank of Canada reissued an "outperform" rating and issued a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. Citigroup increased their price target on Cogent Communications from $70.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, August 19th. Finally, UBS Group assumed coverage on Cogent Communications in a research note on Thursday, November 14th. They set a "buy" rating and a $102.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cogent Communications presently has a consensus rating of "Hold" and a consensus target price of $80.25.

Cogent Communications 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.