Public Sector Pension Investment Board Acquires 40,706 Shares of Cogent Communications Holdings, Inc. $CCOI

Public Sector Pension Investment Board boosted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 28.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 185,402 shares of the technology company’s stock after purchasing an additional 40,706 shares during the period. Public Sector Pension Investment Board owned about 0.38% of Cogent Communications worth $7,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CCOI. EdgePoint Investment Group Inc. grew its position in shares of Cogent Communications by 13.3% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 2,279,440 shares of the technology company’s stock valued at $109,892,000 after buying an additional 267,143 shares during the last quarter. State Street Corp raised its position in shares of Cogent Communications by 0.8% during the second quarter. State Street Corp now owns 1,788,235 shares of the technology company’s stock worth $86,211,000 after acquiring an additional 13,510 shares during the last quarter. Magnolia Group LLC lifted its stake in shares of Cogent Communications by 16.4% in the third quarter. Magnolia Group LLC now owns 1,272,337 shares of the technology company’s stock worth $48,794,000 after acquiring an additional 179,126 shares during the period. Geode Capital Management LLC boosted its holdings in Cogent Communications by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company’s stock valued at $51,127,000 after acquiring an additional 20,055 shares during the last quarter. Finally, MIG Capital LLC boosted its holdings in Cogent Communications by 6.9% in the second quarter. MIG Capital LLC now owns 1,029,237 shares of the technology company’s stock valued at $49,620,000 after acquiring an additional 66,203 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $26.79 on Wednesday. The firm has a market capitalization of $1.32 billion, a P/E ratio of -6.57 and a beta of 0.81. The firm’s 50-day moving average price is $23.42 and its 200-day moving average price is $30.41. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 1-year low of $15.96 and a 1-year high of $84.06.

Insiders Place Their Bets

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of the 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 transaction, the director owned 19,267 shares in the company, valued at approximately $391,890.78. This represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.20% of the company’s stock.

Analyst Ratings Changes

CCOI has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. The Goldman Sachs Group lowered their target price on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. JPMorgan Chase & Co. dropped their target price 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. KeyCorp reaffirmed an “overweight” rating on shares of Cogent Communications in a research report on Wednesday, December 10th. Finally, Royal Bank Of Canada lowered their price objective 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 analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average 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.