Raymond James & Associates Has $38.95 Million Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Raymond James & Associates cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 6.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 513,006 shares of the technology company's stock after selling 38,024 shares during the period. Raymond James & Associates owned approximately 1.05% of Cogent Communications worth $38,947,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in Cogent Communications in the first quarter worth $26,000. Blue Trust Inc. grew its position in shares of 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 purchasing an additional 272 shares during the period. Hexagon Capital Partners LLC increased its stake in Cogent Communications by 72.9% during the 3rd 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. GAMMA Investing LLC raised its holdings in Cogent Communications by 207.0% during the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company's stock worth $50,000 after buying an additional 445 shares during the period. Finally, 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 in the last quarter. Institutional investors and hedge funds own 92.45% of the company's stock.

Cogent Communications Stock Up 0.1 %

Shares of NASDAQ:CCOI traded up $0.06 during midday trading on Wednesday, hitting $82.29. The stock had a trading volume of 236,510 shares, compared to its average volume of 444,807. The company has a market cap of $4.03 billion, a P/E ratio of 3.26 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.00. The business's 50-day simple moving average is $74.90 and its 200-day simple moving average is $65.99. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.27) by $0.59. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company had revenue of $260.40 million during the quarter, compared to analysts' expectations of $264.32 million. During the same period last year, the firm posted ($0.13) earnings per share. The business's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a $0.985 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 4.79%. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications's dividend payout ratio is currently 15.61%.

Insiders Place Their Bets

In other news, VP John B. Chang sold 1,400 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP John B. Chang sold 1,400 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lewis H. Ferguson sold 1,550 shares of Cogent Communications stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the sale, the director now owns 17,748 shares of the company's stock, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock worth $4,716,057 over the last three months. Insiders own 11.40% of the company's stock.

Analysts Set New Price Targets

CCOI has been the subject of several research reports. TD Cowen increased their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Bank of America lowered 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 report on Wednesday, August 21st. Royal Bank of Canada reissued an "outperform" rating and issued a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. Citigroup upped their price target on Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a "neutral" rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $77.14.

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.