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

Magnolia Group LLC lowered its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 36.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 617,749 shares of the technology company’s stock after selling 361,937 shares during the period. Cogent Communications makes up 1.6% of Magnolia Group LLC’s holdings, making the stock its 10th largest position. Magnolia Group LLC owned approximately 1.21% of Cogent Communications worth $4,812,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Turtle Creek Asset Management Inc. boosted its stake in Cogent Communications by 7.7% during the first quarter. Turtle Creek Asset Management Inc. now owns 4,348,897 shares of the technology company’s stock valued at $81,933,000 after buying an additional 312,050 shares in the last quarter. FourWorld Capital Management LLC acquired a new position in shares of Cogent Communications in the 1st quarter valued at about $5,002,000. Bank of New York Mellon Corp purchased a new stake in Cogent Communications in the 2nd quarter worth approximately $3,685,000. Squarepoint Ops LLC boosted its position in Cogent Communications by 341.1% during the second quarter. Squarepoint Ops LLC now owns 226,035 shares of the technology company’s stock valued at $3,137,000 after purchasing an additional 174,787 shares during the last quarter. Finally, Walleye Capital LLC grew its stake in shares of Cogent Communications by 145.4% in the 1st quarter. Walleye Capital LLC now owns 239,557 shares of the technology company’s stock valued at $4,513,000 after buying an additional 141,949 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CCOI. Wells Fargo & Company reduced their price target on Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. KeyCorp lowered shares of Cogent Communications from an “overweight” rating to a “sector weight” rating in a research report on Friday, November 6th. JPMorgan Chase & Co. cut shares of Cogent Communications from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $22.00 to $9.00 in a research note on Wednesday, August 19th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cogent Communications in a report on Monday, August 17th. Finally, Citigroup lowered their target price on shares of Cogent Communications from $11.50 to $5.20 and set a “neutral” rating on the stock in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average target price of $18.24.

Insider Activity at Cogent Communications

In related news, CFO Thaddeus Weed sold 4,850 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $9.37, for a total value of $45,444.50. Following the completion of the sale, the chief financial officer owned 193,050 shares of the company’s stock, valued at $1,808,878.50. This trade represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.20% of the stock is owned by company insiders.

Cogent Communications Price Performance

CCOI opened at $4.44 on Thursday. The company has a market capitalization of $227.35 million, a P/E ratio of -6.25 and a beta of 0.80. The firm’s fifty day moving average price is $7.94 and its two-hundred day moving average price is $15.06. Cogent Communications Holdings, Inc. has a fifty-two week low of $3.56 and a fifty-two week high of $28.70.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 5th. The technology company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.15. The business had revenue of $231.20 million for the quarter, compared to the consensus estimate of $234.57 million. During the same quarter in the prior year, the business earned ($0.87) EPS. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, equities research analysts expect that Cogent Communications Holdings, Inc. will post -3.06 EPS for the current fiscal year.

Cogent Communications News Roundup

These are some of the CCOI news items that stood out recently:

• Neutral Sentiment: CEO Dave Schaeffer is scheduled to present at the RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference on November 17. The announcement itself included no new operational or financial guidance. Cogent Communications CEO to Present at an Upcoming Conference
• Neutral Sentiment: A short-interest update reported a total of zero shares sold short despite describing short interest as having increased, making the figures internally inconsistent and difficult to interpret as a clear trading signal.
• Negative Sentiment: Citigroup lowered its expectations for Cogent shares, adding to concerns about the stock. The article listing provided no revised price target or other details. Citigroup Has Lowered Expectations for Cogent Communications Stock Price

Cogent Communications Profile

Cogent Communications is a facilities-based provider of internet and data-transport services. Its offerings include dedicated internet access, IP transit, Ethernet and wavelength services, and colocation, serving businesses, communications carriers, government agencies, and other organizations. The company operates a high-capacity network across North America and Europe. It connects customer locations to the internet and provides network capacity for organizations that need to move data between sites or across networks.