Reaves W H & Co. Inc. Sells 396,855 Shares of Cogent Communications Holdings, Inc. $CCOI

Reaves W H & Co. Inc. lowered its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 48.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 423,098 shares of the technology company’s stock after selling 396,855 shares during the period. Reaves W H & Co. Inc.’s holdings in Cogent Communications were worth $16,226,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Atlantic Union Bankshares Corp acquired a new stake in shares of Cogent Communications during the 2nd quarter valued at about $40,000. Farther Finance Advisors LLC raised its position in Cogent Communications by 80.5% in the third quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock worth $51,000 after purchasing an additional 596 shares in the last quarter. Versant Capital Management Inc lifted its stake in Cogent Communications by 333.7% during the third quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,198 shares during the period. Headlands Technologies LLC acquired a new stake in Cogent Communications during the second quarter valued at approximately $98,000. Finally, Strs Ohio bought a new stake in shares of Cogent Communications in the 1st quarter valued at approximately $104,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Shares of NASDAQ:CCOI opened at $25.07 on Tuesday. The business has a fifty day moving average of $22.65 and a 200-day moving average of $31.26. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $84.06. The firm has a market cap of $1.23 billion, a PE ratio of -6.14 and a beta of 0.81.

Analyst Upgrades and Downgrades

CCOI has been the subject of several analyst reports. UBS Group restated a “neutral” rating and set a $27.00 target price (down previously from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. KeyCorp reissued an “overweight” rating on shares of Cogent Communications in a report on Wednesday, December 10th. JPMorgan Chase & Co. lowered their target price on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, November 13th. Citigroup cut their price target on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Finally, Royal Bank Of Canada reduced their price target on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 13th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cogent Communications has an average rating of “Hold” and an average target price of $25.71.

Insiders Place Their Bets

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the transaction, the director directly owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 10.20% of the company’s stock.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.