Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System lifted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOIFree Report) by 1.3% during the third quarter, HoldingsChannel reports. The firm owned 12,379 shares of the technology company’s stock after purchasing an additional 156 shares during the period. Arizona State Retirement System’s holdings in Cogent Communications were worth $766,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in CCOI. Raymond James & Associates boosted its holdings in shares of Cogent Communications by 50.3% in the 1st quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock valued at $1,821,000 after buying an additional 9,180 shares during the last quarter. Citigroup Inc. grew its position in Cogent Communications by 6.8% in the first quarter. Citigroup Inc. now owns 51,289 shares of the technology company’s stock valued at $3,402,000 after acquiring an additional 3,265 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Cogent Communications by 31.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock valued at $264,000 after acquiring an additional 950 shares during the last quarter. MetLife Investment Management LLC grew its position in Cogent Communications by 47.9% in the first quarter. MetLife Investment Management LLC now owns 22,270 shares of the technology company’s stock valued at $1,478,000 after acquiring an additional 7,213 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its position in Cogent Communications by 35.5% in the first quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock valued at $824,000 after acquiring an additional 3,258 shares during the last quarter. 85.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Dave Schaeffer sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $69.99, for a total transaction of $1,399,800.00. Following the completion of the sale, the chief executive officer now owns 4,740,590 shares in the company, valued at $331,793,894.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cogent Communications news, Director Marc Montagner sold 10,550 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $65.83, for a total value of $694,506.50. Following the transaction, the director now directly owns 66,695 shares in the company, valued at approximately $4,390,531.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Schaeffer sold 20,000 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $69.99, for a total value of $1,399,800.00. Following the transaction, the chief executive officer now owns 4,740,590 shares in the company, valued at $331,793,894.10. The disclosure for this sale can be found here. Insiders sold a total of 63,790 shares of company stock worth $4,332,256 over the last quarter. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Trading Up 1.5 %

Shares of CCOI stock opened at $75.45 on Thursday. The company has a market cap of $3.67 billion, a P/E ratio of 3.34 and a beta of 0.41. The stock has a 50 day simple moving average of $73.42 and a two-hundred day simple moving average of $68.14. The company has a debt-to-equity ratio of 3.09, a quick ratio of 1.63 and a current ratio of 1.63. Cogent Communications Holdings, Inc. has a fifty-two week low of $57.35 and a fifty-two week high of $79.50.

Cogent Communications (NASDAQ:CCOIGet Free Report) last released its quarterly earnings data on Thursday, November 9th. The technology company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($0.87) by ($0.26). The firm had revenue of $275.43 million during the quarter, compared to analysts’ expectations of $280.70 million. Research analysts forecast that Cogent Communications Holdings, Inc. will post -2.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. The Goldman Sachs Group lifted their target price on Cogent Communications from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, November 10th. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a research note on Monday, November 13th. Finally, TheStreet lowered Cogent Communications from a “b-” rating to a “c+” rating in a research note on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $75.38.

View Our Latest Stock Analysis on Cogent Communications

Cogent Communications Profile

(Free Report)

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.

Further Reading

Want to see what other hedge funds are holding CCOI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cogent Communications Holdings, Inc. (NASDAQ:CCOIFree Report).

Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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