Emerald Advisers LLC Has $18.32 Million Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Emerald Advisers LLC grew its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 241,249 shares of the technology company’s stock after purchasing an additional 6,647 shares during the period. Emerald Advisers LLC owned about 0.49% of Cogent Communications worth $18,316,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CCOI. BNP Paribas Financial Markets increased its position in Cogent Communications by 1.1% in the 1st quarter. BNP Paribas Financial Markets now owns 38,040 shares of the technology company’s stock worth $2,485,000 after purchasing an additional 419 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Cogent Communications by 25.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 12,021 shares of the technology company’s stock worth $785,000 after purchasing an additional 2,454 shares during the last quarter. SG Americas Securities LLC increased its position in Cogent Communications by 265.9% in the 1st quarter. SG Americas Securities LLC now owns 7,805 shares of the technology company’s stock worth $510,000 after purchasing an additional 5,672 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Cogent Communications by 294.3% during the 1st quarter. Oppenheimer & Co. Inc. now owns 39,009 shares of the technology company’s stock valued at $2,548,000 after acquiring an additional 29,116 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of Cogent Communications by 14.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 27,699 shares of the technology company’s stock valued at $1,810,000 after acquiring an additional 3,399 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. The Goldman Sachs Group raised their price objective on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. KeyCorp raised their price objective 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, JPMorgan Chase & Co. raised their price objective 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 investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $77.14.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 17,748 shares of the company’s stock, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 17,748 shares of the company’s stock, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock valued at $4,716,057 in the last three months. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Price Performance

Shares of Cogent Communications stock traded up $1.34 during midday trading on Friday, hitting $81.62. 339,805 shares of the company were exchanged, compared to its average volume of 318,953. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The firm has a market cap of $4.00 billion, a P/E ratio of 89.69 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.00. The firm has a 50 day simple moving average of $76.19 and a 200-day simple moving average of $66.93.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($1.27) by $0.59. The business had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. Cogent Communications’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) EPS. Research analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm 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 represents a $3.94 dividend on an annualized basis and a yield of 4.83%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is currently 432.97%.

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.