Victory Capital Management Inc. Has $3.78 Million Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Victory Capital Management Inc. lowered its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 64.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,033 shares of the technology company’s stock after selling 89,302 shares during the period. Victory Capital Management Inc.’s holdings in Cogent Communications were worth $3,779,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CCOI. Ipswich Investment Management Co. Inc. increased its position in Cogent Communications by 0.5% during the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 41,079 shares of the technology company’s stock worth $3,119,000 after buying an additional 185 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Cogent Communications by 4.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company’s stock valued at $400,000 after acquiring an additional 212 shares in the last quarter. Blue Trust Inc. increased its position in Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after acquiring an additional 218 shares during the period. KBC Group NV raised its stake in Cogent Communications by 28.7% in the 3rd quarter. KBC Group NV now owns 1,463 shares of the technology company’s stock worth $111,000 after purchasing an additional 326 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Cogent Communications by 0.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 50,436 shares of the technology company’s stock valued at $3,887,000 after purchasing an additional 326 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Price Performance

CCOI stock opened at $68.52 on Friday. The company’s 50-day moving average price is $75.42 and its two-hundred day moving average price is $76.85. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market cap of $3.38 billion, a P/E ratio of 87.85 and a beta of 0.45.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $252.29 million for the quarter, compared to analysts’ expectations of $258.49 million. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a dividend of $1.005 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a dividend yield of 5.87%. The ex-dividend date of this dividend is Thursday, March 13th. Cogent Communications’s dividend payout ratio is currently -93.49%.

Insider Activity at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the sale, the chief financial officer now owns 103,000 shares in the company, valued at $7,422,180. This trade represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO James Bubeck sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $71.67, for a total transaction of $143,340.00. Following the transaction, the executive now owns 57,142 shares of the company’s stock, valued at $4,095,367.14. This trade represents a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock valued at $840,878 over the last ninety days. 11.00% of the stock is owned by corporate insiders.

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.