Cogent Communications Sees Unusually Large Options Volume (NASDAQ:CCOI)

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

Analyst Ratings Changes

A number of analysts recently commented on the stock. KeyCorp reissued an “overweight” rating on shares of Cogent Communications in a report on Wednesday, December 10th. Royal Bank Of Canada decreased their price target on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 13th. Zacks Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. The Goldman Sachs Group reduced their price objective on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Finally, Citigroup lowered their target price on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.71.

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 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 completion of the sale, the director owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.40% of the stock is owned by corporate insiders.

Institutional Trading of Cogent Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in Cogent Communications in the 3rd quarter valued at about $27,000. Hantz Financial Services Inc. lifted its stake in shares of Cogent Communications by 313.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after buying an additional 1,127 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in Cogent Communications during the second quarter worth approximately $40,000. Kestra Advisory Services LLC purchased a new stake in Cogent Communications in the 4th quarter worth approximately $43,000. Finally, Farther Finance Advisors LLC raised its holdings in Cogent Communications by 56.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock valued at $45,000 after acquiring an additional 756 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Price Performance

CCOI stock opened at $27.66 on Thursday. The stock’s 50 day moving average price is $23.49 and its 200 day moving average price is $30.39. The firm has a market cap of $1.36 billion, a P/E ratio of -6.78 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. Cogent Communications has a 1 year low of $15.96 and a 1 year high of $84.06.

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.