Thrivent Financial for Lutherans Trims Stake in Cogent Communications Holdings, Inc. $CCOI

Thrivent Financial for Lutherans lowered its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 96.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,287 shares of the technology company’s stock after selling 957,064 shares during the period. Thrivent Financial for Lutherans owned 0.07% of Cogent Communications worth $1,315,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Keybank National Association OH raised its holdings in Cogent Communications by 5.7% in the third quarter. Keybank National Association OH now owns 6,835 shares of the technology company’s stock worth $262,000 after purchasing an additional 370 shares in the last quarter. Triton Financial Group Inc grew its position in shares of Cogent Communications by 6.2% in the 3rd quarter. Triton Financial Group Inc now owns 16,859 shares of the technology company’s stock worth $647,000 after buying an additional 982 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of Cogent Communications by 3.6% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock worth $289,000 after buying an additional 262 shares during the period. Covestor Ltd increased its stake in shares of Cogent Communications by 34.0% in the 3rd quarter. Covestor Ltd now owns 2,705 shares of the technology company’s stock worth $104,000 after acquiring an additional 686 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Cogent Communications during the 3rd quarter valued at about $466,000. 92.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CCOI has been the topic of a number of recent research reports. KeyCorp restated an “overweight” rating on shares of Cogent Communications in a report on Wednesday, December 10th. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. 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 research report on Friday, November 7th. Royal Bank Of Canada dropped their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a report on Thursday, November 13th. Finally, JPMorgan Chase & Co. cut their target price on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, November 13th. One 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $25.71.

Cogent Communications Trading Up 0.6%

Cogent Communications stock opened at $26.46 on Friday. Cogent Communications Holdings, Inc. has a one year low of $15.96 and a one year high of $84.06. The business’s fifty day moving average is $23.20 and its 200 day moving average is $30.89. The stock has a market capitalization of $1.30 billion, a PE ratio of -6.49 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.

Insider Buying and Selling at Cogent Communications

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

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.