Emerald Mutual Fund Advisers Trust Trims Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Emerald Mutual Fund Advisers Trust cut its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 209,726 shares of the technology company’s stock after selling 5,000 shares during the period. Emerald Mutual Fund Advisers Trust owned 0.43% of Cogent Communications worth $11,837,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. EdgePoint Investment Group Inc. lifted its stake in shares of Cogent Communications by 500.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after purchasing an additional 876,326 shares during the last quarter. Harspring Capital Management LLC lifted its position in Cogent Communications by 3.6% in the fourth quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock valued at $77,543,000 after buying an additional 35,500 shares during the last quarter. Capital World Investors boosted its stake in Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares during the period. Westwood Holdings Group Inc. increased its position in shares of Cogent Communications by 16.6% during the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after acquiring an additional 105,164 shares during the last quarter. Finally, Hood River Capital Management LLC raised its stake in shares of Cogent Communications by 19.2% in the 1st quarter. Hood River Capital Management LLC now owns 735,494 shares of the technology company’s stock valued at $48,050,000 after acquiring an additional 118,588 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cogent Communications

In related news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $54.60, for a total value of $3,276,000.00. Following the transaction, the chief executive officer now owns 4,493,038 shares of the company’s stock, valued at $245,319,874.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares in the company, valued at $3,557,014.14. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the completion of the transaction, the chief executive officer now owns 4,493,038 shares in the company, valued at $245,319,874.80. The disclosure for this sale can be found here. In the last three months, insiders sold 185,870 shares of company stock valued at $11,124,759. Insiders own 11.40% of the company’s stock.

Cogent Communications Trading Up 1.2 %

CCOI opened at $73.18 on Friday. 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 stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 2.90 and a beta of 0.40. The business has a fifty day moving average price of $67.41 and a 200 day moving average price of $64.31. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.00.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The firm had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.66 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were issued a $0.985 dividend. This represents a $3.94 dividend on an annualized basis and a dividend yield of 5.38%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CCOI. JPMorgan Chase & Co. increased their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. The Goldman Sachs Group raised their price target on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a research note on Tuesday, September 3rd. Citigroup increased their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, KeyCorp lifted their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $75.86.

Cogent Communications 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.