Victory Capital Management Inc. Acquires 217,740 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Victory Capital Management Inc. grew its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 271.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 298,042 shares of the technology company’s stock after acquiring an additional 217,740 shares during the period. Victory Capital Management Inc. owned 0.62% of Cogent Communications worth $20,437,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Cogent Communications by 2.1% in the third quarter. BlackRock Inc. now owns 7,390,862 shares of the technology company’s stock worth $385,506,000 after purchasing an additional 149,238 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Cogent Communications by 1.8% in the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company’s stock worth $269,811,000 after purchasing an additional 90,137 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Cogent Communications by 3.8% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,039,330 shares of the technology company’s stock worth $116,405,000 after purchasing an additional 74,196 shares in the last quarter. State Street Corp increased its stake in shares of Cogent Communications by 2.8% in the second quarter. State Street Corp now owns 1,754,375 shares of the technology company’s stock worth $106,596,000 after purchasing an additional 48,110 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cogent Communications by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 944,780 shares of the technology company’s stock worth $49,280,000 after purchasing an additional 4,775 shares in the last quarter. 85.15% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Trading Down 0.2 %

Cogent Communications stock opened at $62.37 on Monday. The firm has a 50-day moving average price of $65.04 and a 200-day moving average price of $62.55. The firm has a market capitalization of $3.01 billion, a PE ratio of 283.51 and a beta of 0.44. Cogent Communications Holdings, Inc. has a 12-month low of $46.75 and a 12-month high of $75.00.

Cogent Communications (NASDAQ:CCOI – Get Rating) last released its earnings results on Thursday, May 4th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. Cogent Communications had a net margin of 1.68% and a negative return on equity of 2.48%. The firm had revenue of $116.10 million during the quarter, compared to analyst estimates of $153.79 million. During the same quarter last year, the business earned $0.02 EPS. The business’s revenue was up 3.1% on a year-over-year basis. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post 0.38 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 2nd. Investors of record on Thursday, May 18th will be issued a dividend of $0.935 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.93. The ex-dividend date is Wednesday, May 17th. This represents a $3.74 dividend on an annualized basis and a yield of 6.00%. Cogent Communications’s dividend payout ratio (DPR) is presently 1,700.08%.

Insider Activity at Cogent Communications

In related news, VP John B. Chang sold 500 shares of Cogent Communications stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $70.00, for a total transaction of $35,000.00. Following the completion of the sale, the vice president now owns 47,360 shares in the company, valued at approximately $3,315,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP John B. Chang sold 500 shares of the business’s stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $70.00, for a total value of $35,000.00. Following the completion of the sale, the vice president now owns 47,360 shares in the company, valued at approximately $3,315,200. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $63.51, for a total transaction of $152,424.00. Following the completion of the transaction, the vice president now directly owns 36,000 shares in the company, valued at approximately $2,286,360. The disclosure for this sale can be found here. Insiders sold 64,068 shares of company stock worth $4,209,866 in the last 90 days. 11.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Cogent Communications in a research note on Thursday. They set a “hold” rating for the company. Royal Bank of Canada raised their target price on shares of Cogent Communications from $61.00 to $69.00 and gave the company an “outperform” rating in a research note on Tuesday, March 7th. Bank of America raised shares of Cogent Communications from an “underperform” rating to a “buy” rating and raised their target price for the company from $45.00 to $85.00 in a research note on Wednesday, May 3rd. William Blair reaffirmed an “outperform” rating on shares of Cogent Communications in a research note on Thursday, February 23rd. Finally, Credit Suisse Group raised their target price on shares of Cogent Communications from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, February 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $67.33.

About Cogent Communications

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.