Herring Creek Capital Management Lowers stake in Cogent Communications Holdings Inc (CCOI)

Cogent Communications Holdings Inc (CCOI) : Herring Creek Capital Management reduced its stake in Cogent Communications Holdings Inc by 24.32% during the most recent quarter end. The investment management company now holds a total of 473,877 shares of Cogent Communications Holdings Inc which is valued at $18.6 Million after selling 152,291 shares in Cogent Communications Holdings Inc , the firm said in a disclosure report filed with the SEC on May 12, 2016.Cogent Communications Holdings Inc makes up approximately 4.91% of Herring Creek Capital Management’s portfolio.

Other Hedge Funds, Including , Cortina Asset Management reduced its stake in CCOI by selling 2,949 shares or 1.51% in the most recent quarter. The Hedge Fund company now holds 192,882 shares of CCOI which is valued at $7.6 Million. Cogent Communications Holdings Inc makes up approx 0.35% of Cortina Asset Management’s portfolio. Neuberger Berman Group sold out all of its stake in CCOI during the most recent quarter. The investment firm sold 9,100 shares of CCOI which is valued $357,266.Jennison Associates boosted its stake in CCOI in the latest quarter, The investment management firm added 412,476 additional shares and now holds a total of 1,789,311 shares of Cogent Communications Holdings Inc which is valued at $70.2 Million. Cogent Communications Holdings Inc makes up approx 0.07% of Jennison Associates’s portfolio. Municipal Employees’ Retirement System Of Michigan added CCOI to its portfolio by purchasing 8,310 company shares during the most recent quarter which is valued at $326,251. Cogent Communications Holdings Inc makes up approx 0.02% of Municipal Employees’ Retirement System Of Michigan’s portfolio.Russell Frank Co reduced its stake in CCOI by selling 13,440 shares or 23.79% in the most recent quarter. The Hedge Fund company now holds 43,064 shares of CCOI which is valued at $1.7 Million.

Cogent Communications Holdings Inc opened for trading at $38 and hit $38.42 on the upside on Friday, eventually ending the session at $38.38, with a gain of 1.62% or 0.61 points. The heightened volatility saw the trading volume jump to 1,90,102 shares. Company has a market cap of $1,735,889 M.

On the company’s financial health, Cogent Communications Holdings Inc reported $0.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.07. The company had revenue of $108.30 million for the quarter, compared to analysts expectations of $107.92 million. The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.04 EPS.

Many Wall Street Analysts have commented on Cogent Communications Holdings Inc. Company shares were Downgraded by Citigroup on Apr 6, 2016 to ” Neutral”, Firm has raised the Price Target to $ 40 from a previous price target of $38 .Company shares were Reiterated by RBC Capital Mkts on Feb 26, 2016 to “Outperform”, Firm has raised the Price Target to $ 40 from a previous price target of $38 .Cogent Communications Holdings Inc was Downgraded by JP Morgan to ” Neutral” on Feb 23, 2016.

Cogent Communications Holdings Inc. is a facility-based provider of Internet access Internet Protocol (IP) and communications services. The Company’s network is designed and optimized to transmit data using IP. The Company delivers its services to small and medium-sized businesses communications service providers and other bandwidth-intensive organizations in North America Europe and Japan. The Company offers on-net Internet access services through its own facilities which run from its network to its customers’ premises. The Company offers its on-net services to customers located in buildings that are physically connected to its network. Its on-net service consists of Internet access and IP connectivity ranging from 100 Megabits per second to 100 Gigabits per second of bandwidth. It provides its on-net Internet access services to its net-centric and corporate customers.

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