Herald Investment Management Ltd Increases Stake in Cogent Communications Holdings, Inc. $CCOI

Herald Investment Management Ltd increased its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 16.9% during the third quarter, Holdings Channel reports. The institutional investor owned 242,600 shares of the technology company’s stock after buying an additional 35,000 shares during the quarter. Cogent Communications comprises about 1.2% of Herald Investment Management Ltd’s portfolio, making the stock its 22nd largest holding. Herald Investment Management Ltd’s holdings in Cogent Communications were worth $9,304,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ProShare Advisors LLC lifted its holdings in shares of Cogent Communications by 30.1% in the 3rd quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock valued at $6,792,000 after purchasing an additional 40,970 shares during the last quarter. Ceredex Value Advisors LLC raised its holdings in shares of Cogent Communications by 44.6% in the second quarter. Ceredex Value Advisors LLC now owns 206,800 shares of the technology company’s stock valued at $9,970,000 after buying an additional 63,750 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cogent Communications by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company’s stock worth $51,127,000 after buying an additional 20,055 shares during the period. Asset Management One Co. Ltd. grew its holdings in shares of Cogent Communications by 43.9% during the second quarter. Asset Management One Co. Ltd. now owns 63,555 shares of the technology company’s stock worth $3,064,000 after buying an additional 19,394 shares during the last quarter. Finally, Redmond Asset Management LLC raised its stake in Cogent Communications by 9.0% during the 2nd quarter. Redmond Asset Management LLC now owns 141,383 shares of the technology company’s stock valued at $6,816,000 after acquiring an additional 11,727 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total transaction of $81,360.00. Following the completion of the transaction, the director directly 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 legal filing with the SEC, which can be accessed through this link. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $26.46 on Friday. The stock has a fifty day moving average price of $23.20 and a 200 day moving average price of $30.78. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. The stock has a market cap of $1.30 billion, a PE ratio of -6.49 and a beta of 0.81. Cogent Communications Holdings, Inc. has a 1 year low of $15.96 and a 1 year high of $84.06.

Wall Street Analysts Forecast Growth

CCOI has been the topic of a number of recent research reports. The Goldman Sachs Group dropped their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Royal Bank Of Canada cut their price objective on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a research report on Thursday, November 13th. Wells Fargo & Company reiterated an “equal weight” rating and set a $27.00 price target (down from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. KeyCorp reaffirmed an “overweight” rating on shares of Cogent Communications in a report on Wednesday, December 10th. Finally, Citigroup reduced their price target on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.71.

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.