ProShare Advisors LLC Increases Position in Cogent Communications Holdings, Inc. $CCOI

ProShare Advisors LLC increased its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 30.1% during the third quarter, Holdings Channel reports. The institutional investor owned 177,113 shares of the technology company’s stock after acquiring an additional 40,970 shares during the period. ProShare Advisors LLC’s holdings in Cogent Communications were worth $6,792,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new stake in shares of Cogent Communications during the 2nd quarter valued at approximately $40,000. Farther Finance Advisors LLC increased 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 valued at $51,000 after purchasing an additional 596 shares in the last quarter. Versant Capital Management Inc raised its holdings 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 last quarter. Strs Ohio acquired a new position in Cogent Communications during the first quarter worth $104,000. Finally, Headlands Technologies LLC purchased a new stake in Cogent Communications during the second quarter worth $98,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cogent Communications

In other news, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the sale, the director owned 19,267 shares in the company, valued at $391,890.78. This trade represents a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $26.51 on Thursday. Cogent Communications Holdings, Inc. has a 1-year low of $15.96 and a 1-year high of $84.06. The firm has a 50 day simple moving average of $22.92 and a 200-day simple moving average of $31.07. The firm has a market cap of $1.30 billion, a PE ratio of -6.50 and a beta of 0.81. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.02 and a quick ratio of 2.02.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CCOI shares. UBS Group reiterated a “neutral” rating and issued a $27.00 price objective (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. JPMorgan Chase & Co. reduced their price target 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. Wells Fargo & Company restated an “equal weight” rating and set a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. The Goldman Sachs Group reduced their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Finally, Royal Bank Of Canada dropped their price target on 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. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $25.71.

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.