Raymond James Trust N.A. Grows Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Raymond James Trust N.A. lifted its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,171 shares of the technology company’s stock after acquiring an additional 418 shares during the quarter. Raymond James Trust N.A.’s holdings in Cogent Communications were worth $696,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new position in Cogent Communications in the 1st quarter worth about $26,000. Blue Trust Inc. increased its position in shares of Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after buying an additional 272 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in shares of 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 buying an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after acquiring an additional 441 shares during the period. Finally, Quest Partners LLC purchased a new stake in Cogent Communications in the 3rd quarter worth $46,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cogent Communications

In other news, Director Blake Bath sold 6,220 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $836,900. This represents a 38.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the business’s stock in a transaction dated 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 sale, the director now owns 10,318 shares in the company, valued at approximately $831,424.44. This trade represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,016 shares of company stock worth $1,116,135 in the last 90 days. Insiders own 11.40% of the company’s stock.

Cogent Communications Price Performance

NASDAQ:CCOI opened at $83.02 on Tuesday. The stock has a 50 day moving average price of $79.45 and a 200 day moving average price of $68.96. The stock has a market cap of $4.07 billion, a PE ratio of 106.44 and a beta of 0.40. 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 Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same quarter in the previous year, the firm earned ($1.13) EPS. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.995 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 22nd. This represents a $3.98 annualized dividend and a dividend yield of 4.79%. Cogent Communications’s dividend payout ratio is 510.26%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CCOI. KeyCorp increased their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. UBS Group started coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They issued a “buy” rating and a $102.00 price target on the stock. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. TD Cowen raised their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.