Emerald Mutual Fund Advisers Trust Has $3.35 Million Position in Cogent Communications Holdings, Inc. $CCOI

Emerald Mutual Fund Advisers Trust lowered its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 39.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,356 shares of the technology company’s stock after selling 56,988 shares during the period. Emerald Mutual Fund Advisers Trust owned approximately 0.18% of Cogent Communications worth $3,350,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CCOI. Covestor Ltd raised its position in Cogent Communications by 34.0% during the third quarter. Covestor Ltd now owns 2,705 shares of the technology company’s stock valued at $104,000 after buying an additional 686 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Cogent Communications during the 3rd quarter valued at about $466,000. Vest Financial LLC increased its holdings in shares of Cogent Communications by 139.3% in the 3rd quarter. Vest Financial LLC now owns 24,358 shares of the technology company’s stock valued at $934,000 after purchasing an additional 14,179 shares during the period. Magnolia Group LLC lifted its position in shares of Cogent Communications by 16.4% in the third quarter. Magnolia Group LLC now owns 1,272,337 shares of the technology company’s stock worth $48,794,000 after purchasing an additional 179,126 shares in the last quarter. Finally, Inspire Advisors LLC lifted its position in shares of Cogent Communications by 19.7% in the third quarter. Inspire Advisors LLC now owns 64,875 shares of the technology company’s stock worth $2,488,000 after purchasing an additional 10,673 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Activity

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 2,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total transaction of $51,216.00. Following the completion of the sale, the director owned 10,012 shares of the company’s stock, valued at $213,656.08. This represents a 19.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lewis H. Ferguson sold 4,000 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total value of $81,360.00. Following the transaction, the director owned 19,267 shares in the company, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Stock Performance

Shares of CCOI opened at $24.29 on Friday. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -5.95 and a beta of 0.81. The company’s fifty day moving average is $21.37 and its 200-day moving average is $33.52. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 12 month low of $15.96 and a 12 month high of $84.06.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.15) by $0.28. The business had revenue of $241.95 million during the quarter, compared to analyst estimates of $246.13 million. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. Cogent Communications’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.33) EPS. Equities analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 8th. Shareholders of record on Friday, November 21st were given a $0.02 dividend. The ex-dividend date of this dividend was Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.3%. Cogent Communications’s payout ratio is currently -1.96%.

Analysts Set New Price Targets

A number of brokerages recently commented on CCOI. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. JPMorgan Chase & Co. decreased their target price on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. Zacks Research upgraded shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. The Goldman Sachs Group cut their price objective on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Finally, Citigroup reduced their price objective on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $25.71.

Cogent Communications Company Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.