Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Short Interest Down 8.2% in January

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the target of a large drop in short interest during 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 shares of the company are short sold.

Insider Buying and Selling

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

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCOI. Creative Planning increased its holdings in shares of Cogent Communications by 40.1% in the third quarter. Creative Planning now owns 17,618 shares of the technology company’s stock valued at $1,338,000 after buying an additional 5,043 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Cogent Communications by 5.5% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,984 shares of the technology company’s stock worth $378,000 after purchasing an additional 262 shares during the period. Blue Trust Inc. raised its position in shares of Cogent Communications by 204.5% during 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. Vest Financial LLC purchased a new stake in shares of Cogent Communications during the third quarter valued at $207,000. Finally, Taylor Frigon Capital Management LLC boosted its position in shares of Cogent Communications by 2.2% in the 3rd quarter. Taylor Frigon Capital Management LLC now owns 19,836 shares of the technology company’s stock valued at $1,506,000 after purchasing an additional 429 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, UBS Group started coverage on Cogent Communications in a research report on Thursday, November 14th. They issued a “buy” rating and a $102.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Price Performance

Shares of NASDAQ CCOI 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. 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 current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications has a twelve month low of $50.80 and a twelve month high of $86.76.

About Cogent Communications

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.