CWM Advisors LLC reduced its stake in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 17.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,445 shares of the technology company’s stock after selling 718 shares during the period. CWM Advisors LLC’s holdings in Cogent Communications were worth $227,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in CCOI. Usca Ria LLC bought a new stake in Cogent Communications in the 3rd quarter worth about $27,000. Point72 Asset Management L.P. purchased a new stake in Cogent Communications in the second quarter worth $30,000. Global Retirement Partners LLC bought a new stake in Cogent Communications in the 4th quarter valued at about $33,000. Meeder Asset Management Inc. bought a new stake in shares of Cogent Communications in the third quarter valued at approximately $39,000. Finally, Carroll Financial Associates Inc. bought a new stake in Cogent Communications during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 85.15% of the company’s stock.
NASDAQ CCOI opened at $72.87 on Friday. Cogent Communications Holdings Inc has a 12 month low of $45.97 and a 12 month high of $74.04. The stock’s 50 day moving average is $66.87 and its 200 day moving average is $61.33. The stock has a market cap of $3.42 billion, a PE ratio of 88.87, a P/E/G ratio of 9.53 and a beta of 0.58.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.12. The business had revenue of $136.94 million during the quarter, compared to analyst estimates of $136.50 million. Cogent Communications had a net margin of 6.91% and a negative return on equity of 21.84%. Cogent Communications’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 earnings per share. As a group, sell-side analysts predict that Cogent Communications Holdings Inc will post 0.87 earnings per share for the current fiscal year.
In related news, Director Lewis H. Ferguson sold 570 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $61.53, for a total transaction of $35,072.10. Following the completion of the transaction, the director now owns 5,610 shares in the company, valued at approximately $345,183.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $61.74, for a total value of $308,700.00. Following the completion of the transaction, the chief financial officer now owns 62,550 shares in the company, valued at approximately $3,861,837. The disclosure for this sale can be found here. Insiders sold a total of 20,524 shares of company stock worth $1,285,332 in the last ninety days. 10.17% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently issued reports on the company. BidaskClub upgraded Cogent Communications from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 11th. Royal Bank of Canada boosted their price objective on shares of Cogent Communications from $54.00 to $65.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 13th. Citigroup upgraded Cogent Communications from a “sell” rating to a “neutral” rating and increased their target price for the company from $53.00 to $68.00 in a report on Thursday, January 2nd. Zacks Investment Research raised shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Wednesday, January 8th. Finally, TheStreet upgraded Cogent Communications from a “c+” rating to a “b-” rating in a research report on Thursday, November 21st. Seven equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $68.00.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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