Royce & Associates LP Takes $2.56 Million Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Royce & Associates LP purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 33,665 shares of the technology company's stock, valued at approximately $2,556,000. Royce & Associates LP owned about 0.07% of Cogent Communications as of its most recent filing with the Securities and Exchange Commission.

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Other institutional investors also recently added to or reduced their stakes in the company. Taylor Frigon Capital Management LLC boosted its stake 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 acquiring an additional 202 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in 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 purchasing an additional 226 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Cogent Communications by 5.5% during 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 period. Blue Trust Inc. raised its stake in shares of Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock valued at $31,000 after buying an additional 272 shares during the period. Finally, Capstone Triton Financial Group LLC lifted its position in shares of Cogent Communications by 3.1% during the 3rd quarter. Capstone Triton Financial Group LLC now owns 10,401 shares of the technology company's stock valued at $790,000 after buying an additional 313 shares during the last quarter. Institutional investors own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. UBS Group initiated 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. Royal Bank of Canada reissued an "outperform" rating and issued a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. The Goldman Sachs Group raised their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a "neutral" rating in a report on Friday, October 4th. TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a "buy" rating in a report on Friday, August 9th. Finally, KeyCorp raised their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $80.25.

Check Out Our Latest Research Report on Cogent Communications

Insider Activity at Cogent Communications

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 shares were sold at an average price of $80.58, for a total transaction of $108,783.00. Following the transaction, the director now directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lewis H. Ferguson sold 846 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.76, for a total transaction of $69,168.96. Following the completion of the sale, the director now owns 18,354 shares of the company's stock, valued at approximately $1,500,623.04. The trade was a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,346 shares of company stock valued at $5,077,344 over the last 90 days. 11.00% of the stock is owned by insiders.

Cogent Communications Price Performance

Cogent Communications stock opened at $79.96 on Wednesday. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 102.51 and a beta of 0.40. 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 business has a 50-day simple moving average of $78.54 and a 200 day simple moving average of $68.40. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. 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 prior year, the business earned ($1.13) earnings per share. Cogent Communications's revenue for the quarter was down 6.6% compared to the same quarter last year. On average, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced 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 of this dividend is Friday, November 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 4.98%. Cogent Communications's payout ratio is 505.13%.

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.

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