Ulysses Management Fully Exits Cogent Communications Stake
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 22 2026
0mins
Should l Buy CCOI?
Source: Fool
- Position Change: On February 17, 2026, Ulysses Management disclosed in an SEC filing that it completely sold its stake in Cogent Communications, offloading 335,982 shares, which resulted in a $12.88 million decline in the quarter-end valuation, indicating a loss of confidence in the company.
- Market Performance: As of last Friday, shares of Cogent Communications were priced at $18.05, down 74% over the past year, significantly underperforming the S&P 500, which rose about 15% in the same period, highlighting the company's competitive struggles in the market.
- Company Overview: Cogent Communications provides high-speed internet access, private network services, and data center colocation, generating revenue primarily through recurring fees for bandwidth-intensive organizations, targeting small and medium-sized businesses and communication service providers, showcasing its extensive reach and competitive positioning in the telecommunications sector.
- Investor Signal: Following the sale of Cogent, Ulysses Management's portfolio focuses on solid players like Microsoft and Amazon, indicating a preference for companies with stronger earnings visibility and pricing power, reflecting uncertainties about the future of the telecom industry.
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Analyst Views on CCOI
Wall Street analysts forecast CCOI stock price to rise
4 Analyst Rating
1 Buy
2 Hold
1 Sell
Hold
Current: 17.620
Low
21.00
Averages
22.33
High
23.00
Current: 17.620
Low
21.00
Averages
22.33
High
23.00
About CCOI
Cogent Communications Holdings, Inc. is a facilities-based provider of Internet access, private network services, optical wavelength, and optical transport services and data center colocation space and power. The Company, through its own facilities, offers on-net Internet access services to customers located in buildings that are physically connected to its network. Its network is specifically designed and optimized to transmit packet routed data. Its on-net service consists of high-speed Internet access and private network services offered at speeds ranging from 100 megabits per second (Mbps) to 400 gigabits per second (Gbps). The Company delivers its services on its network in 56 countries across North America, Europe, South America, Oceania and Africa. Its corporate customers are located in multi-tenant office buildings (MTOBs), which include law firms, advertising and marketing firms, as well as healthcare providers, and other professional services businesses, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Cogent Communications Under Investigation for Possible Securities Fraud
- Investigation Launched: The Portnoy Law Firm has initiated an investigation into Cogent Communications Holdings, Inc. for possible securities fraud, aiming to file a class action to protect investors' rights.
- Shareholder Impact: In August 2025, JPMorgan and RBC Capital seized $82 million in Cogent shares pledged as loan collateral by CEO Dave Schaeffer, raising concerns about potential gross mismanagement by the board, which could undermine shareholder trust.
- Board Oversight Scrutiny: The inquiry focuses on whether the board adequately oversaw executive compensation and pledging practices that led to significant non-volitional equity transfers, potentially breaching fiduciary duties to shareholders.
- Legal Support Offered: The Portnoy Law Firm provides complimentary case evaluations for investors seeking to recover losses due to corporate wrongdoing, demonstrating a strong commitment to protecting investor interests.
See More
Ulysses Management Fully Exits Cogent Communications Stake
- Position Change: On February 17, 2026, Ulysses Management disclosed in an SEC filing that it completely sold its stake in Cogent Communications, offloading 335,982 shares, which resulted in a $12.88 million decline in the quarter-end valuation, indicating a loss of confidence in the company.
- Market Performance: As of last Friday, shares of Cogent Communications were priced at $18.05, down 74% over the past year, significantly underperforming the S&P 500, which rose about 15% in the same period, highlighting the company's competitive struggles in the market.
- Company Overview: Cogent Communications provides high-speed internet access, private network services, and data center colocation, generating revenue primarily through recurring fees for bandwidth-intensive organizations, targeting small and medium-sized businesses and communication service providers, showcasing its extensive reach and competitive positioning in the telecommunications sector.
- Investor Signal: Following the sale of Cogent, Ulysses Management's portfolio focuses on solid players like Microsoft and Amazon, indicating a preference for companies with stronger earnings visibility and pricing power, reflecting uncertainties about the future of the telecom industry.
See More
Ulysses Management Exits Entire Stake in Cogent Communications
- Complete Exit: Ulysses Management fully divested its 335,982 shares in Cogent Communications last quarter, valued at approximately $12.9 million, indicating concerns about the company's future prospects.
- Asset Allocation Shift: Prior to the sale, Cogent accounted for 0.9% of Ulysses Management's AUM, and this exit suggests a reevaluation of the fund's portfolio towards more profitable enterprises.
- Intensifying Market Competition: Cogent Communications faces increasing competition in the low-cost bandwidth market, with declining prices eroding its competitive edge, as evidenced by a significant drop in stock price over the past year, raising doubts about its profitability.
- Investment Strategy Adjustment: Ulysses Management's shift towards companies with more predictable demand and stronger pricing power reflects a diminishing confidence in the telecom sector, which could impact Cogent's future financing and market performance.
See More
MIG Capital Acquires Shares in Cogent Communications
- Share Acquisition Details: MIG Capital acquired 569,220 shares of Cogent Communications in Q4 2026, with the position's value rising to $12.27 million at quarter-end, indicating a strategic new investment in the company.
- Market Performance Analysis: Despite Cogent Communications' stock plummeting approximately 72% over the past year while the S&P 500 gained about 20%, this divergence has attracted contrarian investors, suggesting that market sentiment may have swung too far against the company.
- Financial Overview: Cogent's latest earnings report revealed service revenue of $240.5 million, a slight decline from $241.9 million in Q3, highlighting the pressures from debt costs and integration challenges associated with network expansion.
- Portfolio Positioning: The new stake represents just over 2% of MIG Capital's total assets, reflecting a cautious investment approach towards this infrastructure provider rather than a high-conviction core holding.
See More
MIG Capital Acquires New Position in Cogent Communications
- New Position: On February 17, 2026, MIG Capital disclosed a new position in Cogent Communications (CCOI), acquiring 569,220 shares valued at $12.27 million at quarter-end, indicating initial confidence in the company.
- Asset Allocation: This investment accounts for 2.08% of MIG Capital's reportable assets as of December 31, 2025, reflecting a relatively cautious approach towards Cogent within a diversified portfolio.
- Stock Performance: Shares of Cogent Communications are priced at $18.80, down 72% over the past year, significantly underperforming the S&P 500's approximately 20% gain, highlighting market pessimism regarding its future growth prospects.
- Financial Overview: Cogent's latest earnings report showed service revenue of $240.5 million, slightly down from $241.9 million in the previous quarter, and despite facing pressures from debt costs and network expansion challenges, the long-term demand for internet capacity remains robust.
See More
Cogent CEO to Present at New York Conference
- Conference Presentation: Cogent Communications CEO Dave Schaeffer is scheduled to present at the Global Connectivity Leaders Conference in New York on March 26 at 4:45 p.m., highlighting the company's leadership in the internet service sector.
- Investor Engagement Opportunity: Investors and interested parties can access a live audio webcast of the presentation via the 'Events' section of Cogent's website, enhancing interaction between the company and its investors.
- Service Network Strength: As one of the largest internet service providers globally, Cogent specializes in high-speed internet access, Ethernet transport, and colocation services, operating in 305 markets, showcasing its strong market penetration.
- Company Background: Headquartered in Washington, D.C., Cogent operates an all-optical IP network backbone, committed to delivering high-quality network services, further solidifying its competitive advantage in the industry.
See More
Cogent Communications Under Investigation for Possible Securities Fraud
- Investigation Launched: The Portnoy Law Firm has initiated an investigation into Cogent Communications Holdings, Inc. for possible securities fraud, aiming to file a class action to protect investors' rights.
- Shareholder Impact: In August 2025, JPMorgan and RBC Capital seized $82 million in Cogent shares pledged as loan collateral by CEO Dave Schaeffer, raising concerns about potential gross mismanagement by the board, which could undermine shareholder trust.
- Board Oversight Scrutiny: The inquiry focuses on whether the board adequately oversaw executive compensation and pledging practices that led to significant non-volitional equity transfers, potentially breaching fiduciary duties to shareholders.
- Legal Support Offered: The Portnoy Law Firm provides complimentary case evaluations for investors seeking to recover losses due to corporate wrongdoing, demonstrating a strong commitment to protecting investor interests.
See More
Ulysses Management Fully Exits Cogent Communications Stake
- Position Change: On February 17, 2026, Ulysses Management disclosed in an SEC filing that it completely sold its stake in Cogent Communications, offloading 335,982 shares, which resulted in a $12.88 million decline in the quarter-end valuation, indicating a loss of confidence in the company.
- Market Performance: As of last Friday, shares of Cogent Communications were priced at $18.05, down 74% over the past year, significantly underperforming the S&P 500, which rose about 15% in the same period, highlighting the company's competitive struggles in the market.
- Company Overview: Cogent Communications provides high-speed internet access, private network services, and data center colocation, generating revenue primarily through recurring fees for bandwidth-intensive organizations, targeting small and medium-sized businesses and communication service providers, showcasing its extensive reach and competitive positioning in the telecommunications sector.
- Investor Signal: Following the sale of Cogent, Ulysses Management's portfolio focuses on solid players like Microsoft and Amazon, indicating a preference for companies with stronger earnings visibility and pricing power, reflecting uncertainties about the future of the telecom industry.
See More
Ulysses Management Exits Entire Stake in Cogent Communications
- Complete Exit: Ulysses Management fully divested its 335,982 shares in Cogent Communications last quarter, valued at approximately $12.9 million, indicating concerns about the company's future prospects.
- Asset Allocation Shift: Prior to the sale, Cogent accounted for 0.9% of Ulysses Management's AUM, and this exit suggests a reevaluation of the fund's portfolio towards more profitable enterprises.
- Intensifying Market Competition: Cogent Communications faces increasing competition in the low-cost bandwidth market, with declining prices eroding its competitive edge, as evidenced by a significant drop in stock price over the past year, raising doubts about its profitability.
- Investment Strategy Adjustment: Ulysses Management's shift towards companies with more predictable demand and stronger pricing power reflects a diminishing confidence in the telecom sector, which could impact Cogent's future financing and market performance.
See More
MIG Capital Acquires Shares in Cogent Communications
- Share Acquisition Details: MIG Capital acquired 569,220 shares of Cogent Communications in Q4 2026, with the position's value rising to $12.27 million at quarter-end, indicating a strategic new investment in the company.
- Market Performance Analysis: Despite Cogent Communications' stock plummeting approximately 72% over the past year while the S&P 500 gained about 20%, this divergence has attracted contrarian investors, suggesting that market sentiment may have swung too far against the company.
- Financial Overview: Cogent's latest earnings report revealed service revenue of $240.5 million, a slight decline from $241.9 million in Q3, highlighting the pressures from debt costs and integration challenges associated with network expansion.
- Portfolio Positioning: The new stake represents just over 2% of MIG Capital's total assets, reflecting a cautious investment approach towards this infrastructure provider rather than a high-conviction core holding.
See More
MIG Capital Acquires New Position in Cogent Communications
- New Position: On February 17, 2026, MIG Capital disclosed a new position in Cogent Communications (CCOI), acquiring 569,220 shares valued at $12.27 million at quarter-end, indicating initial confidence in the company.
- Asset Allocation: This investment accounts for 2.08% of MIG Capital's reportable assets as of December 31, 2025, reflecting a relatively cautious approach towards Cogent within a diversified portfolio.
- Stock Performance: Shares of Cogent Communications are priced at $18.80, down 72% over the past year, significantly underperforming the S&P 500's approximately 20% gain, highlighting market pessimism regarding its future growth prospects.
- Financial Overview: Cogent's latest earnings report showed service revenue of $240.5 million, slightly down from $241.9 million in the previous quarter, and despite facing pressures from debt costs and network expansion challenges, the long-term demand for internet capacity remains robust.
See More
Cogent CEO to Present at New York Conference
- Conference Presentation: Cogent Communications CEO Dave Schaeffer is scheduled to present at the Global Connectivity Leaders Conference in New York on March 26 at 4:45 p.m., highlighting the company's leadership in the internet service sector.
- Investor Engagement Opportunity: Investors and interested parties can access a live audio webcast of the presentation via the 'Events' section of Cogent's website, enhancing interaction between the company and its investors.
- Service Network Strength: As one of the largest internet service providers globally, Cogent specializes in high-speed internet access, Ethernet transport, and colocation services, operating in 305 markets, showcasing its strong market penetration.
- Company Background: Headquartered in Washington, D.C., Cogent operates an all-optical IP network backbone, committed to delivering high-quality network services, further solidifying its competitive advantage in the industry.
See More
