Olympiad Research LP Invests $404,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Olympiad Research LP acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,324 shares of the technology company’s stock, valued at approximately $404,000.

Several other large investors have also made changes to their positions in CCOI. BNP Paribas Financial Markets raised its position in shares of Cogent Communications by 1.1% in the 1st quarter. BNP Paribas Financial Markets now owns 38,040 shares of the technology company’s stock worth $2,485,000 after buying an additional 419 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Cogent Communications by 25.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 12,021 shares of the technology company’s stock worth $785,000 after buying an additional 2,454 shares during the period. SG Americas Securities LLC raised its position in shares of Cogent Communications by 265.9% in the 1st quarter. SG Americas Securities LLC now owns 7,805 shares of the technology company’s stock worth $510,000 after buying an additional 5,672 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Cogent Communications by 294.3% in the 1st quarter. Oppenheimer & Co. Inc. now owns 39,009 shares of the technology company’s stock worth $2,548,000 after buying an additional 29,116 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in shares of Cogent Communications by 14.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 27,699 shares of the technology company’s stock worth $1,810,000 after buying an additional 3,399 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Stock Up 0.8 %

Shares of Cogent Communications stock opened at $85.35 on Friday. The business has a 50-day moving average of $77.11 and a 200-day moving average of $67.50. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The company has a market capitalization of $4.18 billion, a PE ratio of 93.79 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.27) by $0.59. The company had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Insider Activity

In related news, Director Lewis H. Ferguson sold 1,550 shares of Cogent Communications stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the transaction, the director now directly owns 17,748 shares in the company, valued at approximately $1,288,859.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the transaction, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lewis H. Ferguson sold 1,550 shares of Cogent Communications stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the transaction, the director now owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock worth $4,716,057 over the last ninety days. Corporate insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CCOI shares. KeyCorp increased their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. TD Cowen raised their price objective on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. The Goldman Sachs Group raised their price objective on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. raised their price objective on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Finally, Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.14.

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.