Sandy Spring Bank Sells 236 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Posted by Defense World Staff on Aug 8th, 2023

Sandy Spring Bank cut its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 22.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 824 shares of the technology company’s stock after selling 236 shares during the period. Sandy Spring Bank’s holdings in Cogent Communications were worth $53,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of CCOI. Fortis Capital Advisors LLC bought a new stake in Cogent Communications during the 4th quarter valued at $28,000. Quadrant Capital Group LLC raised its position in Cogent Communications by 123.3% during the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the technology company’s stock valued at $39,000 after purchasing an additional 381 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Cogent Communications in the 4th quarter valued at $44,000. CWM LLC increased its holdings in shares of Cogent Communications by 31.0% in the 4th quarter. CWM LLC now owns 807 shares of the technology company’s stock valued at $46,000 after acquiring an additional 191 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in shares of Cogent Communications in the 4th quarter valued at $58,000. 84.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CCOI. 888 reiterated a “reiterates” rating on shares of Cogent Communications in a report on Monday, May 22nd. JPMorgan Chase & Co. downgraded Cogent Communications from an “overweight” rating to a “neutral” rating and cut their price target for the company from $72.00 to $70.00 in a report on Monday, May 8th. Bank of America upgraded Cogent Communications from an “underperform” rating to a “buy” rating and lifted their price target for the company from $45.00 to $85.00 in a report on Wednesday, May 3rd. Finally, StockNews.com assumed coverage on Cogent Communications in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $67.33.

Read Our Latest Analysis on Cogent Communications

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $62.28, for a total transaction of $302,058.00. Following the sale, the chief financial officer now owns 58,400 shares in the company, valued at approximately $3,637,152. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Dave Schaeffer sold 35,000 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $65.38, for a total value of $2,288,300.00. Following the completion of the transaction, the chief executive officer now owns 5,023,781 shares of the company’s stock, valued at approximately $328,454,801.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $62.28, for a total value of $302,058.00. Following the completion of the transaction, the chief financial officer now directly owns 58,400 shares of the company’s stock, valued at approximately $3,637,152. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,331 shares of company stock worth $3,887,307. 11.40% of the stock is currently owned by insiders.

Cogent Communications Stock Performance

Cogent Communications stock opened at $58.77 on Tuesday. The business’s 50-day simple moving average is $63.51 and its two-hundred day simple moving average is $64.66. The company has a market cap of $2.84 billion, a PE ratio of 267.15 and a beta of 0.45. Cogent Communications Holdings, Inc. has a fifty-two week low of $46.75 and a fifty-two week high of $75.00.

Cogent Communications Profile

(Free Report)

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.