Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Emerald Advisers LLC

Emerald Advisers LLC reduced its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 234,602 shares of the technology company’s stock after selling 8,231 shares during the period. Emerald Advisers LLC owned about 0.48% of Cogent Communications worth $13,241,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new position in shares of Cogent Communications during the 1st quarter worth about $26,000. Covestor Ltd increased its stake in Cogent Communications by 17.2% in the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after purchasing an additional 276 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Cogent Communications during the first quarter worth approximately $136,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Cogent Communications during the 4th quarter worth approximately $211,000. Finally, Syon Capital LLC purchased a new stake in shares of Cogent Communications during the 4th quarter worth approximately $211,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the transaction, the director now owns 17,748 shares in the company, valued at approximately $1,288,859.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the sale, the director now directly owns 17,748 shares in the company, valued at approximately $1,288,859.76. The disclosure for this sale can be found here. Insiders sold a total of 185,870 shares of company stock worth $11,124,759 over the last 90 days. Company insiders own 11.40% of the company’s stock.

Cogent Communications Trading Up 1.2 %

Shares of CCOI stock opened at $73.18 on Friday. The company has a market capitalization of $3.59 billion, a P/E ratio of 2.90 and a beta of 0.40. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. The business’s 50 day moving average is $67.41 and its two-hundred day moving average is $64.31. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The firm had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. Cogent Communications’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm posted ($0.13) EPS. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.66 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were issued a dividend of $0.985 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 5.38%. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s dividend payout ratio is currently 15.61%.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several research analyst reports. TD Cowen lifted their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. The Goldman Sachs Group lifted their target price on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. KeyCorp lifted their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $75.86.

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.