Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Sees Large Decrease in Short Interest

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the recipient of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 3,450,000 shares, a drop of 8.2% from the January 15th total of 3,760,000 shares. Based on an average daily volume of 402,900 shares, the short-interest ratio is currently 8.6 days. Approximately 8.0% of the company’s shares are short sold.

Insider Buying and Selling

In other news, Director Blake Bath sold 6,220 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the transaction, the director now owns 10,000 shares in the company, valued at $836,900. This represents a 38.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Henry W. Kilmer sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total transaction of $362,928.00. Following the sale, the vice president now owns 33,800 shares of the company’s stock, valued at approximately $2,555,618. This represents a 12.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,660 shares of company stock valued at $1,578,462. Company insiders own 11.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $30,000. Blue Trust Inc. lifted its position in Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after purchasing an additional 272 shares during the period. Quest Partners LLC acquired a new stake in Cogent Communications during the third quarter worth $46,000. Hillsdale Investment Management Inc. bought a new stake in Cogent Communications in the 4th quarter valued at $46,000. Finally, BankPlus Trust Department acquired a new position in shares of Cogent Communications in the 4th quarter valued at $63,000. 92.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, UBS Group assumed coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They set a “buy” rating and a $102.00 target price for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $80.25.

Cogent Communications Stock Performance

CCOI stock opened at $83.40 on Wednesday. The firm has a 50 day moving average of $76.18 and a two-hundred day moving average of $76.60. Cogent Communications has a 12 month low of $50.80 and a 12 month high of $86.76. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 106.92 and a beta of 0.40. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87.

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.