Cogent Communications Target of Unusually Large Options Trading (NASDAQ:CCOI)

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 66,622 call options on the stock. This represents an increase of 6,288% compared to the typical volume of 1,043 call options.

Insider Transactions at Cogent Communications

In related news, Director Lewis H. Ferguson sold 4,000 shares of Cogent Communications stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the completion of the sale, the director owned 19,267 shares in the company, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 10.20% of the company’s stock.

Institutional Trading of Cogent Communications

Several hedge funds and other institutional investors have recently modified their holdings of CCOI. Turtle Creek Asset Management Inc. increased its holdings in Cogent Communications by 64.9% in the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after buying an additional 1,811,222 shares during the last quarter. Park West Asset Management LLC bought a new position in shares of Cogent Communications during the 4th quarter valued at $30,380,000. Bank of America Corp DE lifted its stake in shares of Cogent Communications by 551.2% in the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after purchasing an additional 970,367 shares during the last quarter. MIG Capital LLC bought a new position in Cogent Communications during the fourth quarter valued at about $12,272,000. Finally, First Trust Advisors LP boosted its stake in shares of Cogent Communications by 86.8% during the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after acquiring an additional 547,188 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CCOI shares. JPMorgan Chase & Co. decreased their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. The Goldman Sachs Group dropped their price objective on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Citigroup cut their target price on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. KeyCorp restated an “overweight” rating on shares of Cogent Communications in a research note on Wednesday, December 10th. Finally, Royal Bank Of Canada lowered their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a 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 company. Based on data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $25.71.

Cogent Communications Price Performance

Shares of NASDAQ CCOI traded up $1.56 during trading on Wednesday, hitting $28.35. The company had a trading volume of 428,622 shares, compared to its average volume of 856,198. Cogent Communications has a 52 week low of $15.96 and a 52 week high of $84.06. The business’s 50-day moving average is $23.42 and its 200 day moving average is $30.41. The company has a market cap of $1.39 billion, a P/E ratio of -6.95 and a beta of 0.81. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02.

About Cogent Communications

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.