Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Sees Significant Decline in Short Interest

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Cogent Communications news, Director Blake Bath sold 6,220 shares of the firm’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 completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $836,900. This trade represents a 38.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $362,928.00. Following the transaction, the vice president now owns 33,800 shares in the company, valued at approximately $2,555,618. This trade represents a 12.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,660 shares of company stock worth $1,578,462 in the last 90 days. 11.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new stake in Cogent Communications during the 3rd quarter worth about $30,000. Blue Trust Inc. boosted its stake in shares of 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 buying an additional 272 shares during the last quarter. Quest Partners LLC acquired a new stake in Cogent Communications during the third quarter worth about $46,000. Hillsdale Investment Management Inc. acquired a new stake in Cogent Communications during the fourth quarter worth about $46,000. Finally, BankPlus Trust Department purchased a new position in Cogent Communications during the fourth quarter valued at approximately $63,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

CCOI traded down $0.66 during trading on Monday, reaching $82.00. 161,759 shares of the company’s stock were exchanged, compared to its average volume of 295,983. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications has a 1 year low of $50.80 and a 1 year high of $86.76. The company’s fifty day simple moving average is $75.94 and its 200-day simple moving average is $76.40. The stock has a market capitalization of $4.02 billion, a P/E ratio of 105.13 and a beta of 0.40.

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.