Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
MARGALIT EREL N
  2. Issuer Name and Ticker or Trading Symbol
COGENT COMMUNICATIONS GROUP INC [COI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
DIRECTOR & 10% OWNER
(Last)
(First)
(Middle)
41 MADISON AVENUE, 25TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
02/15/2005
(Street)

NEW YORK, NY 10010
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/15/2005   C   60,143,227 A (6) 61,319,091 D (1)  
Common Stock 02/15/2005   C   512,125 A (6) 520,788 D (2)  
Common Stock 02/15/2005   C   1,461,106 A (6) 1,479,755 D (3)  
Common Stock 02/15/2005   C   550,039 A (6) 550,039 D (4)  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series M Participating Convertible Preferred Stock (5) 02/15/2005   C     384   (5)   (5) Common Stock 11,903,286 (5) 0 D (1)  
Series M Participating Convertible Preferred Stock (5) 02/15/2005   C     3.3   (5)   (5) Common Stock 102,294 (5) 0 D (2)  
Series M Participating Convertible Preferred Stock (5) 02/15/2005   C     9.3   (5)   (5) Common Stock 288,283 (5) 0 D (3)  
Series M Participating Convertible Preferred Stock (5) 02/15/2005   C     3.4   (5)   (5) Common Stock 105,394 (5) 0 D (4)  
Series J Participating Convertible Preferred Stock (7) 02/15/2005   C     459.8   (7)   (7) Common Stock 14,252,945 (7) 0 D (1)  
Series J Participating Convertible Preferred Stock (7) 02/15/2005   C     3.8   (7)   (7) Common Stock 117,793 (7) 0 D (2)  
Series J Participating Convertible Preferred Stock (7) 02/15/2005   C     11.2   (7)   (7) Common Stock 347,179 (7) 0 D (3)  
Series J Participating Convertible Preferred Stock (7) 02/15/2005   C     4.2   (7)   (7) Common Stock 130,192 (7) 0 D (4)  
Series I Participating Convertible Preferred Stock (8) 02/15/2005   C     344   (8)   (8) Common Stock 2,132,672 (8) 0 D (1)  
Series I Participating Convertible Preferred Stock (8) 02/15/2005   C     3   (8)   (8) Common Stock 18,599 (8) 0 D (2)  
Series I Participating Convertible Preferred Stock (8) 02/15/2005   C     8   (8)   (8) Common Stock 49,597 (8) 0 D (3)  
Series I Participating Convertible Preferred Stock (8) 02/15/2005   C     3   (8)   (8) Common Stock 18,599 (8) 0 D (4)  
Series G Participating Convertible Preferred Stock (9) 02/15/2005   C     9,601   (9)   (9) Common Stock 31,854,324 (9) 0 D (1)  
Series G Participating Convertible Preferred Stock (9) 02/15/2005   C     82   (9)   (9) Common Stock 273,439 (9) 0 D (2)  
Series G Participating Convertible Preferred Stock (9) 02/15/2005   C     231   (9)   (9) Common Stock 776,047 (9) 0 D (3)  
Series G Participating Convertible Preferred Stock (9) 02/15/2005   C     86   (9)   (9) Common Stock 295,854 (9) 0 D (4)  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MARGALIT EREL N
41 MADISON AVENUE
25TH FLOOR
NEW YORK, NY 10010
      DIRECTOR & 10% OWNER
JERUSALEM VENTURE PARTNERS IV LP
41 MADISON AVENUE
25TH FLOOR
NEW YORK, NY 10010
    X    
JERUSALEM VENTURE PARTNERS IV A LP
41 MADISON AVENUE
25TH FLOOR
NEW YORK, NY 10010
    X    
JERUSALEM VENTURE PARTNERS ENTREPRENEURS FUND IV LP
41 MADISON AVENUE
25TH FLOOR
NEW YORK, NY 10010
    X    
JERUSALEM VENTURE PARTNERS IV ISRAEL LP
JERUSALEM TECHNOLOGY PARK
BUILDING 1
MALHA, JERUSALEM, L3 91487
    X    
JERUSALEM PARTNERS IV LP
41 MADISON AVENUE
25TH FLOOR
NEW YORK, NY 10010
    X    
JERUSALEM PARTNERS IV - VENTURE CAPITAL LP
JERUSALEM TECHNOLOGY PARK
BUILDING 1
MALHA, JERUSALEM, L3 91487
    X    
JVP CORP IV
C/O ALEXANDRIA BANCORP LTD.
P.O. BOX 2428
GT, GRAND CAYMAN, E9 
    X    

Signatures

 Jerusalem Venture Partners IV, L.P., by Jerusalem Partners IV, L.P., its general partner, by JVP Corp. IV, its general partner, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 Jerusalem Venture Partners IV-A, L.P., by Jerusalem Partners IV, L.P., its general partner, by JVP Corp. IV, its general partner, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 Jerusalem Venture Partners Entrepreneurs Fund IV, L.P., by Jerusalem Partners IV, L.P., its general partner, by JVP Corp. IV, its general partner, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 Jerusalem Venture Partners IV (Israel), L.P., by Jerusalem Partners IV-Venture Capital, L.P., its general partner, by JVP Corp. IV, its general partner, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 Jerusalem Partners IV-Venture Capital, L.P., by JVP Corp. IV, its general partner, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 Jerusalem Partners IV, L.P., by JVP Corp. IV, its general partner, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 JVP Corp. IV, by Erel Margalit, its officer   02/15/2005
**Signature of Reporting Person Date

 Erel Margalit   02/15/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares are directly owned by Jerusalem Venture Partners IV, L.P. Erel N. Margalit, the Designated Filer, is a director of the Issuer and an officer of JVP Corp. IV (the general partner of Jeusalme Partners IV, L.P., which serves as the general partner to Jerusalem Venture Partners IV, L.P.), and may be deemed the indirect beneficial owner of the reported shares of such entity but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of his pecuniary interest therein.
(2) Shares are directly owned by Jerusalem Venture Partners IV-A, L.P. Erel N. Margalit, the Designated Filer, is a director of the Issuer and an officer of JVP Corp. IV (the general partner of Jeusalme Partners IV, L.P., which serves as the general partner to Jerusalem Venture Partners IV-A, L.P.), and may be deemed the indirect beneficial owner of the reported shares of such entity but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of his pecuniary interest therein.
(3) Shares are directly owned by Jerusalem Venture Partners IV (Israel), L.P. Erel N. Margalit, the Designated Filer, is a director of the Issuer and an officer of JVP Corp. IV (the general partner of Jeusalme Partners IV-Venture Capital, L.P., which serves as the general partner to Jerusalem Venture Partners IV (Israel), L.P.), and may be deemed the indirect beneficial owner of the reported shares of such entity but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of his pecuniary interest therein.
(4) Shares are directly owned by Jerusalem Venture Partners Entrepreneurs Fund IV, L.P. Erel N. Margalit, the Designated Filer, is a director of the Issuer and an officer of JVP Corp. IV (the general partner of Jeusalme Partners IV, L.P., which serves as the general partner to Jerusalem Venture Partners Entrepreneurs Fund IV, L.P.), and may be deemed the indirect beneficial owner of the reported shares of such entity but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of his pecuniary interest therein.
(5) Series M Participating Convertible Preferred Stock converted into the number of shares of Common Stock indicated in colum 7.
(6) Converted into Common Stock pursuant to the Conversion and Lock-Up Agreement.
(7) Series J Participating Convertible Preferred Stock converted into the number of shares of Common Stock indicated in column 7.
(8) Series I Participating Convertible Preferred Stock converted into the number of shares of Common Stock indicated in column 7.
(9) Series G Participating Convertible Preferred Stock converted into the number of shares of Common Stock indicated in column 7.
 
Remarks:
Erel N. Margalit, the Designated Filer, is a director of the issuer and an officer of JVP Corp. IV. JVP Corp IV serves as the general partner to Jerusalem Partners IV, L.P. and Jerusalem Partners IV-Venture Capital, L.P.  Jerusalem Partners IV, L.P. serves as the general partner to Jerusalem Venture Partners IV, L.P., Jerusalem Venture Partners IV-A, L.P. and Jerusalem Venture Partners Entrepreneurs Fund IV, L.P.  Jerusalem Partners IV-Venture Capital, L.P. serves as the general partner to Jerusalem Venture Partners IV (Israel), L.P. Each Reporting Person disclaims the existence of a "group" and disclaims beneficial ownership of any securities (except to the extent of such Reporting Person's pecuniary interest in such securities) other than any securities reported herein as being directly owned by such Reporting Person, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of any securities for purposes of Section 16 or for any other purpose.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.