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

Victory Capital Management Inc. cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 6.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 138,335 shares of the technology company's stock after selling 10,052 shares during the quarter. Victory Capital Management Inc. owned 0.28% of Cogent Communications worth $10,502,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CCOI. Taylor Frigon Capital Management LLC raised its position in Cogent Communications by 1.1% in the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company's stock valued at $1,095,000 after purchasing an additional 202 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock valued at $41,000 after acquiring an additional 226 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake 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 worth $378,000 after purchasing an additional 262 shares during the last quarter. Blue Trust Inc. lifted its holdings 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 buying an additional 272 shares during the period. Finally, Capstone Triton Financial Group LLC raised its position in shares of 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. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CCOI shares. The Goldman Sachs Group lifted their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a "neutral" rating in a research report on Friday, October 4th. TD Cowen upped their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a "neutral" rating in a research note on Monday, August 12th. KeyCorp lifted their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Tuesday, August 27th. Finally, UBS Group started coverage on Cogent Communications in a report on Thursday, November 14th. They issued a "buy" rating and a $102.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cogent Communications has a consensus rating of "Hold" and a consensus price target of $80.25.

Insiders Place Their Bets

In other news, VP John B. Chang sold 1,400 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company's stock, valued at approximately $5,130,138.60. This represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the sale, the executive now owns 50,982 shares in the company, valued at approximately $3,557,014.14. The trade was a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,016 shares of company stock valued at $5,485,335 over the last three months. 11.40% of the stock is owned by company insiders.

Cogent Communications Trading Up 2.9 %

NASDAQ:CCOI traded up $2.39 during midday trading on Thursday, reaching $83.79. 390,322 shares of the stock traded hands, compared to its average volume of 438,660. Cogent Communications Holdings, Inc. has a 12 month low of $50.80 and a 12 month high of $86.76. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The company has a fifty day moving average of $78.77 and a 200 day moving average of $68.49. The stock has a market capitalization of $4.11 billion, a P/E ratio of 104.36 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $257.20 million for the quarter, compared to analysts' expectations of $258.69 million. During the same period in the previous year, the firm earned ($1.13) EPS. The firm's revenue was down 6.6% compared to the same quarter last year. On average, research analysts predict that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.995 dividend. The ex-dividend date is Friday, November 22nd. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.75%. Cogent Communications's dividend payout ratio (DPR) is currently 505.13%.

About Cogent Communications

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.