516,993 Shares in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 516,993 shares of the technology company's stock, valued at approximately $39,845,000. Raymond James Financial Inc. owned 1.05% of Cogent Communications as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Intech Investment Management LLC raised its position in shares of Cogent Communications by 85.7% in the third quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company's stock worth $1,284,000 after acquiring an additional 7,803 shares during the period. PEAK6 Investments LLC acquired a new position in shares of Cogent Communications during the 3rd quarter worth about $1,720,000. Citigroup Inc. raised its position in shares of Cogent Communications by 56.8% during the 3rd quarter. Citigroup Inc. now owns 56,595 shares of the technology company's stock worth $4,297,000 after purchasing an additional 20,510 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Cogent Communications by 136.5% during the 3rd quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company's stock worth $11,025,000 after purchasing an additional 83,816 shares during the last quarter. Finally, Atom Investors LP acquired a new position in shares of Cogent Communications during the 3rd quarter worth about $4,565,000. Institutional investors and hedge funds own 92.45% of the company's stock.

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Insider Activity

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the sale, the chief financial officer now owns 103,000 shares of the company's stock, valued at $7,422,180. This represents a 4.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Lewis H. Ferguson sold 956 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the sale, the director now directly owns 18,652 shares of the company's stock, valued at approximately $1,293,702.72. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,681 shares of company stock valued at $840,878 in the last 90 days. Company insiders own 11.00% of the company's stock.

Cogent Communications Price Performance

NASDAQ CCOI traded up $0.91 during trading hours on Friday, hitting $68.52. 310,283 shares of the company's stock traded hands, compared to its average volume of 369,208. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76. The company has a market capitalization of $3.38 billion, a PE ratio of 87.85 and a beta of 0.45. 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 firm's 50-day moving average is $75.42 and its 200-day moving average is $76.85.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $258.49 million. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $1.005 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $1.00. The ex-dividend date is Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 5.87%. Cogent Communications's dividend payout ratio is -93.49%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cogent Communications currently has an average rating of "Hold" and a consensus price target of $80.25.

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.