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

Victory Capital Management Inc. cut its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 14.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 148,387 shares of the technology company’s stock after selling 24,653 shares during the quarter. Victory Capital Management Inc. owned approximately 0.30% of Cogent Communications worth $8,375,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CCOI. Truist Financial Corp grew its position in shares of Cogent Communications by 5.9% in the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock valued at $321,000 after purchasing an additional 237 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cogent Communications by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 453,769 shares of the technology company’s stock valued at $34,514,000 after buying an additional 4,413 shares during the period. Jump Financial LLC lifted its holdings in shares of Cogent Communications by 47.8% in the fourth quarter. Jump Financial LLC now owns 5,700 shares of the technology company’s stock worth $434,000 after buying an additional 1,843 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cogent Communications in the fourth quarter valued at approximately $211,000. Finally, Prairieview Wealth Partners LLC bought a new stake in Cogent Communications during the 4th quarter worth approximately $634,000. Institutional investors own 92.45% of the company’s stock.

Insider Buying and Selling

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total value of $133,958.40. Following the sale, the executive now owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CRO James Bubeck sold 1,920 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total transaction of $133,958.40. Following the completion of the sale, the executive now directly owns 50,982 shares in the company, valued at $3,557,014.14. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. The disclosure for this sale can be found here. Insiders have sold a total of 64,870 shares of company stock valued at $4,716,057 over the last three months. 11.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CCOI. KeyCorp boosted their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and an average price target of $75.86.

Cogent Communications Price Performance

Shares of Cogent Communications stock opened at $72.90 on Monday. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 2.89 and a beta of 0.40. The company has a fifty day moving average of $69.03 and a 200-day moving average of $63.95. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($1.27) by $0.59. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The firm had revenue of $260.40 million for the quarter, compared to the consensus estimate of $264.32 million. During the same quarter in the previous year, the business earned ($0.13) earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were issued a $0.985 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. This represents a $3.94 annualized dividend and a dividend yield of 5.40%. Cogent Communications’s dividend payout ratio (DPR) is currently 15.61%.

Cogent Communications 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.