One Fund Just Sold $8 Million From This Dividend-Paying Internet Stock. Here's What Investors Should Know

On February 17, 2026, 14B Capital Management disclosed in a Securities and Exchange Commission (SEC) filing that it sold 279,633 shares of Cogent Communications Holdings (CCOI 8.01%) in the fourth quarter, an estimated $8.25 million trade based on quarterly average pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, 14B Capital Management reduced its position in Cogent Communications Holdings by 279,633 shares during the fourth quarter of 2025. The estimated value of the shares sold is $8.25 million, based on the quarterly average price. The quarter-end value of the remaining stake declined by $13.58 million, reflecting both trading and price changes.

What else to know

• Following the sale, the Cogent Communications Holdings stake represents 2.95% of 13F assets under management, placing it outside the fund’s top five holdings.
• Top holdings after the filing:
  • NYSE:MA: $24.30 million (19.5% of AUM)
  • NYSE:V: $24.29 million (19.5% of AUM)
  • NYSE:FOUR: $24.24 million (19.5% of AUM)
  • NASDAQ:STNE: $9.01 million (7.2% of AUM)
  • NYSE:PAGS: $7.02 million (5.6% of AUM)
• As of February 16, 2026, Cogent Communications Holdings shares were priced at $26.46, down roughly 70% over the past year and vastly underperforming the S&P 500’s roughly 20% gain in the same period.

Company overview

Company snapshot

• Cogent Communications provides high-speed Internet access, private network, and data center colocation services globally, with operations across North America, Europe, Asia, South America, Australia, and Africa.
• The firm generates revenue primarily from on-net and off-net Internet access and private network services, as well as data center colocation offerings, leveraging both direct network connections and third-party last-mile circuits.
• It serves small and medium-sized businesses, communications service providers, and bandwidth-intensive organizations, including law firms, financial institutions, healthcare providers, and content delivery networks.

Cogent Communications Holdings, Inc. operates a global network providing high-capacity Internet and private networking solutions, with a strong focus on serving organizations with significant bandwidth requirements. The company differentiates itself through its extensive on-net building coverage and data center footprint, supporting reliable and scalable connectivity for enterprise and service provider clients.

What this transaction means for investors

Big moves around Cogent Communications are worth watching because the company sits in a niche that powers everything from enterprise connectivity to global data traffic. The firm’s shares have taken a beating this past year, and the latest results help explain why. The company reported about $975.8 million in service revenue for 2025, down from just over $1 billion a year earlier. Profitability did improve even as revenue trends remained soft, with adjusted EBITDA reaching $76.7 million in the quarter and margins expanding to nearly 32%; however, the firm still posted a $182 million loss, not too much better than the $204 million loss one year earlier. On the flipside, the firm did pay four quarterly dividends in 2025, totaling $3.05 per share.

Within the portfolio, the reduced stake sits well outside the largest holdings, which lean heavily toward payment networks like Mastercard and Visa alongside fintech platforms such as Shift4 and StoneCo. That contrast is telling. Payments and fintech represent higher growth opportunities, while Cogent is more of a mature infrastructure play.