Victory Capital Management Inc. Trims Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Victory Capital Management Inc. decreased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 6.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,335 shares of the technology company’s stock after selling 10,052 shares during the period. Victory Capital Management Inc. owned about 0.28% of Cogent Communications worth $10,502,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Taylor Frigon Capital Management LLC increased its position in Cogent Communications by 1.1% during the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock worth $1,095,000 after buying an additional 202 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of Cogent Communications by 72.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after acquiring an additional 226 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Cogent Communications by 5.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,984 shares of the technology company’s stock valued at $378,000 after purchasing an additional 262 shares during the last quarter. Blue Trust Inc. increased its position in Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after purchasing an additional 272 shares in the last quarter. Finally, Capstone Triton Financial Group LLC boosted its position in Cogent Communications by 3.1% during the third quarter. Capstone Triton Financial Group LLC now owns 10,401 shares of the technology company’s stock worth $790,000 after acquiring an additional 313 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Buying and Selling

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,350 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.58, for a total transaction of $108,783.00. Following the transaction, the director now owns 10,318 shares in the company, valued at $831,424.44. This trade represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the sale, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,796 shares of company stock worth $4,964,783. 11.40% of the stock is owned by company insiders.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $81.40 on Thursday. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The business has a 50 day simple moving average of $78.77 and a 200 day simple moving average of $68.49. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 104.36 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The company had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. Cogent Communications’s revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the company earned ($1.13) EPS. On average, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.995 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.89%. Cogent Communications’s dividend payout ratio is currently 510.26%.

Wall Street Analyst Weigh In

CCOI has been the topic of several analyst reports. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. UBS Group started coverage on shares of Cogent Communications in a research note on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective for the company. TD Cowen increased their target price on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. KeyCorp raised their price objective on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Company Profile

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.