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

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the recipient of a significant 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 shares of the stock are short sold. Based on an average daily trading volume, of 402,900 shares, the short-interest ratio is presently 8.6 days.

Cogent Communications Trading Down 0.8 %

Shares of NASDAQ:CCOI traded down $0.66 during trading on Monday, reaching $82.00. 161,759 shares of the company 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. The firm has a market capitalization of $4.02 billion, a PE ratio of 105.13 and a beta of 0.40. The business’s fifty day simple moving average is $75.94 and its 200-day simple moving average is $76.40. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.76.

Insider Activity

In related news, VP Henry W. Kilmer sold 4,800 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $75.61, for a total value of $362,928.00. Following the sale, the vice president now owns 33,800 shares in the company, valued at approximately $2,555,618. The trade was a 12.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Blake Bath sold 6,220 shares of the stock in a transaction 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 transaction, the director now owns 10,000 shares of the company’s stock, valued at $836,900. This trade represents a 38.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,660 shares of company stock worth $1,578,462 over the last quarter. Insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. Turtle Creek Asset Management Inc. purchased a new stake in Cogent Communications in the fourth quarter worth about $9,649,000. Tyro Capital Management LLC raised its holdings in shares of Cogent Communications by 20.1% in the 4th quarter. Tyro Capital Management LLC now owns 420,825 shares of the technology company’s stock valued at $32,433,000 after purchasing an additional 70,521 shares in the last quarter. Shellback Capital LP bought a new position in shares of Cogent Communications during the fourth quarter valued at approximately $9,255,000. SG Capital Management LLC increased its holdings in Cogent Communications by 105.2% during the fourth quarter. SG Capital Management LLC now owns 201,916 shares of the technology company’s stock valued at $15,562,000 after buying an additional 103,498 shares during the period. Finally, ProShare Advisors LLC raised its stake in Cogent Communications by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 111,844 shares of the technology company’s stock worth $8,620,000 after buying an additional 7,318 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, UBS Group started coverage on Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective 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 given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $80.25.

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.