Reaves W H & Co. Inc. Purchases 109,543 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Key Points

• Reaves W H & Co. Inc. has increased its stake in Cogent Communications by 15.7%, acquiring an additional 109,543 shares during the first quarter, bringing their total ownership to 808,061 shares valued at approximately $49.5 million.
• Insider trading activity includes sales by director Lewis H. Ferguson and VP Henry W. Kilmer, with both reducing their stock holdings, highlighting ongoing insider transactions.
• Wall Street analysts have adjusted their price targets for Cogent Communications, with Goldman Sachs lowering its target from $71 to $62, reflecting a cautious outlook despite a consensus rating of "Hold."

Reaves W H & Co. Inc. boosted its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 15.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 808,061 shares of the technology company's stock after purchasing an additional 109,543 shares during the period. Reaves W H & Co. Inc. owned approximately 1.64% of Cogent Communications worth $49,542,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of CCOI. Itau Unibanco Holding S.A. increased its position in shares of Cogent Communications by 58.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock worth $48,000 after acquiring an additional 229 shares in the last quarter. GAMMA Investing LLC boosted its position in Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after acquiring an additional 274 shares during the period. Syon Capital LLC purchased a new position in Cogent Communications during the 4th quarter valued at about $214,000. Xponance Inc. lifted its position in shares of Cogent Communications by 9.7% in the first quarter. Xponance Inc. now owns 3,497 shares of the technology company's stock worth $214,000 after purchasing an additional 308 shares in the last quarter. Finally, TradeLink Capital LLC boosted its holdings in shares of Cogent Communications by 14.4% during the first quarter. TradeLink Capital LLC now owns 3,498 shares of the technology company's stock worth $214,000 after purchasing an additional 440 shares during the period. Institutional investors own 92.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CCOI. The Goldman Sachs Group cut their target price on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. UBS Group reduced their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $75.75.

Insiders Place Their Bets

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the sale, the vice president owned 38,600 shares of the company's stock, valued at $1,850,870. The trade was a 5.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the sale, the chief financial officer directly owned 98,000 shares in the company, valued at approximately $4,707,920. The trade was a 4.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 445,500 shares of company stock valued at $21,285,069 in the last three months. Company insiders own 11.40% of the company's stock.

Cogent Communications Stock Performance

Cogent Communications stock traded down $1.82 during trading hours on Wednesday, reaching $43.88. 1,234,316 shares of the company were exchanged, compared to its average volume of 608,530. Cogent Communications Holdings, Inc. has a 12 month low of $43.65 and a 12 month high of $86.76. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -10.94 and a beta of 0.68. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 13.89. The stock has a 50-day moving average of $48.28 and a 200 day moving average of $58.55.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). The firm had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The firm's revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the company earned ($1.38) earnings per share. As a group, research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.