Cogent Communications (NASDAQ:CCOI) Stock Price Down 6.9% – Here’s What Happened

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) dropped 6.9% on Thursday . The stock traded as low as $25.54 and last traded at $25.7550. Approximately 998,575 shares were traded during trading, an increase of 12% from the average daily volume of 892,089 shares. The stock had previously closed at $27.66.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CCOI. KeyCorp restated an “overweight” rating on shares of Cogent Communications in a research note on Wednesday, December 10th. JPMorgan Chase & Co. cut their price target on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, November 13th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $27.00 target price (down previously from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. Citigroup lowered their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Finally, Royal Bank Of Canada decreased their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $25.71.

Cogent Communications Stock Down 6.6%

The company has a debt-to-equity ratio of 49.06, a current ratio of 2.02 and a quick ratio of 2.02. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -6.31 and a beta of 0.81. The firm has a 50-day moving average price of $23.49 and a two-hundred day moving average price of $30.39.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the sale, the director owned 19,267 shares in the company, valued at $391,890.78. This represents a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Cogent Communications during the 3rd quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new position in Cogent Communications in the 2nd quarter valued at $40,000. Farther Finance Advisors LLC grew its stake in Cogent Communications by 80.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock worth $51,000 after buying an additional 596 shares in the last quarter. Hantz Financial Services Inc. increased its position in shares of Cogent Communications by 313.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,127 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Cogent Communications by 333.7% in the third quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock worth $60,000 after buying an additional 1,198 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Company 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.