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

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the recipient 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. Currently, 8.0% of the company’s shares are sold short. Based on an average daily trading volume, of 402,900 shares, the days-to-cover ratio is presently 8.6 days.

Cogent Communications Stock Up 1.7 %

Shares of CCOI stock traded up $1.40 during mid-day trading on Tuesday, hitting $83.40. The company’s stock had a trading volume of 245,062 shares, compared to its average volume of 326,634. Cogent Communications has a 52-week low of $50.80 and a 52-week high of $86.76. The business has a 50-day moving average price of $76.18 and a 200 day moving average price of $76.60. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 106.92 and a beta of 0.40.

Wall Street Analysts Forecast Growth

Separately, UBS Group began coverage on Cogent Communications in a research note on Thursday, November 14th. They issued 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 given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average target price of $80.25.

Insider Transactions at Cogent Communications

In other news, Director Blake Bath sold 6,220 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 10,000 shares in the company, valued at $836,900. This trade represents a 38.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $81.42, for a total value of $156,326.40. Following the completion of the transaction, the executive now owns 51,462 shares of the company’s stock, valued at approximately $4,190,036.04. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,660 shares of company stock worth $1,578,462. 11.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CCOI. Itau Unibanco Holding S.A. purchased a new position in shares of Cogent Communications in the third quarter worth $30,000. Blue Trust Inc. raised 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 purchasing an additional 272 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Cogent Communications in the third quarter worth $46,000. Hillsdale Investment Management Inc. bought a new stake in shares of Cogent Communications in the fourth quarter worth $46,000. Finally, BankPlus Trust Department bought a new stake in shares of Cogent Communications in the fourth quarter worth $63,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

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.