On February 17, 2026, MIG Capital disclosed a new position in Cogent Communications (NASDAQ:CCOI), acquiring 569,220 shares worth $12.27 million at quarter’s end.
According to an SEC filing dated February 17, 2026, MIG Capital initiated a new position in Cogent Communications, purchasing 569,220 shares. The quarter-end value of the position increased by $12.27 million.
This represents a new position for MIG Capital, accounting for 2.08% of reportable assets under management as of December 31, 2025.
Top holdings after the filing:
NASDAQ:META: $52.45 million (8.9% of AUM)
NASDAQ:DXCM: $40.19 million (6.8% of AUM)
NASDAQ:SHC: $34.65 million (5.9% of AUM)
NASDAQ:MSFT: $34.25 million (5.8% of AUM)
NASDAQ:CELH: $33.93 million (5.8% of AUM)
As of Friday, shares of Cogent Communications were priced at $18.80, down a staggering 72% over the past year and well underperforming the S&P 500’s roughly 20% gain in the same period.
Metric | Value |
|---|---|
Revenue (TTM) | $975.8 million |
Net income (TTM) | ($182.2 million) |
Dividend yield | 11% |
Price (as of Friday) | $26.46 |
Cogent Communications provides high-speed internet access, private network services, and data center colocation across multiple continents.
The firm generates revenue primarily through recurring service contracts for bandwidth, network connectivity, and colocation facilities.
It serves small and medium-sized businesses, communications service providers, and bandwidth-intensive organizations.
Cogent Communications operates a global network delivering internet, private networking, and data center services to commercial clients. The company leverages its extensive infrastructure of data centers and connections to thousands of buildings to offer reliable, high-capacity connectivity solutions.
Sharp sell-offs often inspire some investors to take contrarian bets, and Cogent Communications has been a big laggard over the past year, with shares down roughly 72% while the broader S&P 500 gained about 20%. That type of divergence tends to attract investors looking for situations where sentiment may have swung too far.
Cogent’s latest earnings showed service revenue of $240.5 million, down slightly from $241.9 million in the third quarter. Like many infrastructure-heavy telecom businesses, Cogent faces pressure from debt costs and integration challenges tied to network expansion, but the long-term demand picture for internet capacity remains intact. Plus, the firm pays an 11% dividend, which translated to four quarterly payments totaling $3.05 per share last year.
Within the broader portfolio, the new position is relatively modest at just over 2% of assets, especially compared with larger holdings such as Meta, DexCom, and Microsoft. Ultimately, it seems like that type of positioning suggests a measured bet on a beaten-down infrastructure provider rather than a high conviction core holding.
