Jennison Associates LLC Decreases Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Jennison Associates LLC cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 308,560 shares of the technology company’s stock after selling 11,038 shares during the period. Jennison Associates LLC owned about 0.63% of Cogent Communications worth $23,781,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CCOI. Itau Unibanco Holding S.A. acquired a new position in shares of Cogent Communications during the 3rd quarter worth about $30,000. Blue Trust Inc. raised its holdings in shares of Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after acquiring an additional 272 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after acquiring an additional 226 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cogent Communications by 127.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Cogent Communications during the third quarter worth approximately $46,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $79.18 on Thursday. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. The firm has a market capitalization of $3.88 billion, a P/E ratio of 101.51 and a beta of 0.40. The stock’s fifty day moving average is $75.83 and its two-hundred day moving average is $75.63. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. During the same quarter in the prior year, the firm posted ($1.13) earnings per share. Cogent Communications’s quarterly revenue was down 6.6% on a year-over-year basis. On average, research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Analysts Set New Price Targets

Separately, UBS Group initiated coverage on Cogent Communications in a report on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $80.25.

Insider Activity

In other news, Director Lewis H. Ferguson sold 846 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.76, for a total value of $69,168.96. Following the transaction, the director now owns 18,354 shares of the company’s stock, valued at $1,500,623.04. This represents a 4.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,800 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $81.58, for a total value of $391,584.00. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 24,136 shares of company stock valued at $1,939,749 in the last 90 days. Company 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.