Emerald Advisers LLC Sells 9,262 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Emerald Advisers LLC lessened its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 3.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 232,272 shares of the technology company's stock after selling 9,262 shares during the quarter. Emerald Advisers LLC owned 0.47% of Cogent Communications worth $14,241,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Cogent Communications by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company's stock valued at $394,182,000 after purchasing an additional 43,523 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cogent Communications by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company's stock valued at $39,255,000 after purchasing an additional 11,858 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Cogent Communications by 0.6% in the 4th quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company's stock valued at $4,067,000 after purchasing an additional 327 shares in the last quarter. Norges Bank acquired a new stake in shares of Cogent Communications in the 4th quarter valued at $4,994,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Cogent Communications in the 1st quarter valued at $695,000. Institutional investors and hedge funds own 92.45% of the company's stock.

Insiders Place Their Bets

In other news, CEO Dave Schaeffer sold 80,000 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $47.78, for a total value of $3,822,400.00. Following the transaction, the chief executive officer directly owned 3,701,721 shares of the company's stock, valued at $176,868,229.38. The trade was a 2.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the completion of the transaction, the vice president directly owned 38,600 shares in the company, valued at $1,850,870. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 445,500 shares of company stock valued at $21,285,069. 11.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CCOI shares. UBS Group reduced their target price on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, May 9th. The Goldman Sachs Group cut their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $75.75.

Cogent Communications Trading Down 2.2%

CCOI traded down $1.12 during midday trading on Friday, hitting $49.40. 445,611 shares of the company were exchanged, compared to its average volume of 502,276. The firm has a market capitalization of $2.44 billion, a P/E ratio of -12.32 and a beta of 0.73. Cogent Communications Holdings, Inc. has a 1-year low of $43.65 and a 1-year high of $86.76. The firm's 50 day moving average price is $48.88 and its 200-day moving average price is $61.69. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The company had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The firm's quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.38) earnings per share. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 annualized dividend and a yield of 8.18%. Cogent Communications's payout ratio is presently -100.75%.

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.