Henry W. Kilmer, who serves as Vice President of Network Strategy at Cogent Communications Holdings, Inc. (NASDAQ: CCOI), completed a sale of 2,400 shares of the company’s common stock on March 6, 2026. The shares traded at $23.35 apiece, producing gross proceeds of $56,040, according to a Form 4 filing with the Securities and Exchange Commission. After the transaction, Kilmer’s direct holdings amount to 41,000 shares of Cogent common stock.
The insider sale coincides with Cogent’s release of fourth-quarter 2025 results, which presented a mixed picture. The company reported an earnings per share (EPS) of -0.64, outperforming the forecasted -1.03. Revenue did not meet expectations, however, registering $240.5 million versus the anticipated $243.71 million. On a temporal basis, total revenues were down 0.6% sequentially and declined 4.7% from the prior year.
Despite the top-line shortfall, EBITDA increased to $52 million, or to $77 million when including reimbursements from T-Mobile. Those adjustments to operating profit metrics contrasted with the revenue weakness and appear to have factored into recent analyst reassessments.
Three broker-dealers revised their price targets for Cogent following the quarter while keeping their coverage ratings unchanged. TD Cowen lowered its target to $40, citing delays in data center sales. KeyBanc trimmed its target to $25 in light of the weaker-than-expected fourth-quarter performance. UBS set a $21 target, pointing to slower growth in the company’s waves business. Ratings were left intact: TD Cowen maintained a Buy, KeyBanc kept an Overweight, and UBS stayed at Neutral.
The combination of an insider sale, an EPS beat coupled with a revenue miss, and lowered analyst price targets produces a nuanced signal for investors. The available disclosures are limited to the Form 4 filing and the company’s reported financials for Q4 2025; no further context on the reasons behind the insider sale or management commentary beyond the reported figures is included in the filings referenced.
Summary
Cogent’s network strategy vice president sold 2,400 shares for $56,040. The company reported a better-than-expected EPS in Q4 2025 but missed revenue estimates, showed modest sequential and year-over-year revenue declines, and posted higher EBITDA when accounting for T-Mobile reimbursements. Several analysts cut price targets but left ratings unchanged.
Key points- Insider transaction - Henry W. Kilmer sold 2,400 shares on March 6, 2026 at $23.35, totaling $56,040; he now owns 41,000 shares (SEC Form 4 disclosed).
- Mixed earnings - Q4 2025 EPS of -0.64 beat expectations of -1.03, while revenue of $240.5 million missed the $243.71 million consensus.
- Analyst reactions - TD Cowen, KeyBanc, and UBS lowered price targets (to $40, $25, and $21 respectively) but maintained Buy/Overweight/Neutral ratings, citing data center sales delays and slower waves business.
- Revenue contraction - Total revenues fell 0.6% sequentially and 4.7% year-over-year, introducing top-line risk for service and communications demand.
- Data center sales timing - TD Cowen flagged delays in data center sales, which could affect capital recovery and growth in infrastructure-related segments.
- Slow growth in waves business - UBS pointed to slower growth in the waves business, creating potential headwinds in revenue expansion for connectivity offerings.