Jennison Associates LLC Cuts Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Jennison Associates LLC reduced its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 308,560 shares of the technology company’s stock after selling 11,038 shares during the period. Jennison Associates LLC’s holdings in Cogent Communications were worth $23,781,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Verition Fund Management LLC increased its stake in 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 buying an additional 83,816 shares during the period. FMR LLC increased 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 worth $60,793,000 after acquiring an additional 79,474 shares during the period. Atom Investors LP purchased a new stake in shares of Cogent Communications during the third quarter worth $4,565,000. Edgestream Partners L.P. acquired a new stake in shares of Cogent Communications in the third quarter valued at $4,325,000. Finally, GLOBALT Investments LLC GA purchased a new position in Cogent Communications in the third quarter valued at $3,957,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Stock Up 3.9 %

Shares of NASDAQ CCOI opened at $79.18 on Thursday. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 101.51 and a beta of 0.40. 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 business has a 50-day moving average of $75.83 and a two-hundred day moving average of $75.63.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. The firm had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.13) earnings per share. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Insider Transactions at Cogent Communications

In related news, Director Lewis H. Ferguson sold 846 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.76, for a total value of $69,168.96. Following the completion of the sale, the director now directly owns 18,354 shares of the company’s stock, valued at $1,500,623.04. The trade was a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $80.58, for a total transaction of $108,783.00. Following the completion of the transaction, the director now owns 10,318 shares of the company’s stock, valued at $831,424.44. This represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,136 shares of company stock worth $1,939,749. 11.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, UBS Group started coverage on Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $80.25.

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.