Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 55.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,071 shares of the technology company’s stock after selling 87,046 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.14% of Cogent Communications worth $5,323,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CCOI. Hillsdale Investment Management Inc. purchased a new stake in shares of Cogent Communications in the 4th quarter valued at approximately $46,000. Blue Trust Inc. increased its holdings in Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after buying an additional 218 shares during the last quarter. BankPlus Trust Department acquired a new stake in Cogent Communications in the fourth quarter valued at $63,000. Jones Financial Companies Lllp lifted its holdings in Cogent Communications by 132.1% during the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock worth $67,000 after buying an additional 498 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of Cogent Communications by 212.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company’s stock worth $113,000 after acquiring an additional 1,015 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com raised Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. Two 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 company has an average rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Stock Down 0.7 %

Shares of NASDAQ CCOI opened at $51.15 on Wednesday. The stock has a market cap of $2.53 billion, a PE ratio of 65.58 and a beta of 0.69. Cogent Communications Holdings, Inc. has a 52-week low of $47.54 and a 52-week high of $86.76. The business has a 50-day moving average price of $65.56 and a 200 day moving average price of $74.04. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $252.29 million for the quarter, compared to analyst estimates of $258.49 million. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. The ex-dividend date was Thursday, March 13th. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. This represents a $4.02 dividend on an annualized basis and a yield of 7.86%. Cogent Communications’s payout ratio is currently -93.49%.

Insider Activity

In other news, Director Lewis H. Ferguson sold 956 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total value of $66,308.16. Following the transaction, the director now owns 18,652 shares of the company’s stock, valued at approximately $1,293,702.72. The trade was a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total value of $103,968.00. Following the sale, the director now directly owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. This represents a 12.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,681 shares of company stock valued at $840,878. Insiders own 11.40% of the company’s stock.

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.