Cogent Communications Holdings, Inc. $CCOI Shares Acquired by Magnolia Group LLC

Magnolia Group LLC boosted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 16.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,272,337 shares of the technology company’s stock after acquiring an additional 179,126 shares during the period. Cogent Communications accounts for about 7.7% of Magnolia Group LLC’s portfolio, making the stock its 6th largest holding. Magnolia Group LLC owned approximately 2.59% of Cogent Communications worth $48,794,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CCOI. Farther Finance Advisors LLC raised its position in Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after purchasing an additional 554 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Cogent Communications during the 2nd quarter worth about $40,000. Versant Capital Management Inc increased its position in shares of Cogent Communications by 333.7% during the 3rd quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,198 shares during the last quarter. Strs Ohio acquired a new position in Cogent Communications in the first quarter valued at about $104,000. Finally, Headlands Technologies LLC purchased a new position in Cogent Communications during the second quarter worth about $98,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cogent Communications

In other news, Director Lewis H. Ferguson sold 4,000 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total transaction of $81,360.00. Following the completion of the sale, the director owned 19,267 shares in the company, valued at approximately $391,890.78. This represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the transaction, the director owned 10,012 shares in the company, valued at $213,656.08. This trade represents a 19.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 10.20% of the stock is currently owned by corporate insiders.

Cogent Communications Trading Down 1.3%

CCOI opened at $23.54 on Tuesday. 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 52 week low of $15.96 and a 52 week high of $84.06. The business’s 50 day moving average is $20.92 and its two-hundred day moving average is $34.01. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -5.66 and a beta of 0.81.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. The business had revenue of $241.95 million for 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%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the firm posted ($1.33) earnings per share. On average, research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CCOI. Wells Fargo & Company reissued an “equal weight” rating and issued a $27.00 price target (down from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. The Goldman Sachs Group cut their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Cogent Communications in a research note on Wednesday, December 10th. Finally, Citigroup cut their price objective on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.71.

About Cogent Communications

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.