Formula Growth Ltd. lessened its stake in Vonage Holdings Corp. (NYSE:VG) by 23.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 116,220 shares of the technology company’s stock after selling 35,000 shares during the period. Formula Growth Ltd.’s holdings in Vonage were worth $1,498,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its position in Vonage by 68.7% during the first quarter. Wells Fargo & Company MN now owns 646,294 shares of the technology company’s stock valued at $6,882,000 after buying an additional 263,104 shares in the last quarter. Rhumbline Advisers lifted its position in Vonage by 4.2% during the first quarter. Rhumbline Advisers now owns 487,518 shares of the technology company’s stock valued at $5,192,000 after buying an additional 19,565 shares in the last quarter. Comerica Bank lifted its position in Vonage by 2.2% during the first quarter. Comerica Bank now owns 218,504 shares of the technology company’s stock valued at $2,458,000 after buying an additional 4,694 shares in the last quarter. New York State Teachers Retirement System lifted its position in Vonage by 12.4% during the first quarter. New York State Teachers Retirement System now owns 152,973 shares of the technology company’s stock valued at $1,629,000 after buying an additional 16,900 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Vonage by 85.9% during the first quarter. SG Americas Securities LLC now owns 442,336 shares of the technology company’s stock valued at $4,711,000 after buying an additional 204,381 shares in the last quarter. 84.94% of the stock is owned by institutional investors.
A number of research analysts have weighed in on VG shares. William Blair reaffirmed a “buy” rating on shares of Vonage in a research report on Wednesday, May 16th. Zacks Investment Research raised shares of Vonage from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Thursday, May 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price target (up from $13.00) on shares of Vonage in a research report on Wednesday, August 1st. Finally, Citigroup boosted their target price on shares of Vonage to $16.00 and gave the stock a “buy” rating in a research report on Monday, July 16th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $12.36.
NYSE VG opened at $14.19 on Thursday. Vonage Holdings Corp. has a 52 week low of $7.62 and a 52 week high of $14.61. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.69 and a current ratio of 0.70. The firm has a market cap of $3.39 billion, a PE ratio of 50.66, a PEG ratio of 7.63 and a beta of -0.08.
Vonage (NYSE:VG) last posted its earnings results on Wednesday, August 1st. The technology company reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. Vonage had a negative net margin of 1.14% and a positive return on equity of 16.92%. The business had revenue of $260.00 million for the quarter, compared to analysts’ expectations of $254.95 million. During the same period in the previous year, the company posted $0.07 earnings per share. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. equities research analysts anticipate that Vonage Holdings Corp. will post 0.37 earnings per share for the current year.
In related news, SVP David Levi sold 4,113 shares of the company’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $13.68, for a total value of $56,265.84. Following the sale, the senior vice president now directly owns 4,113 shares of the company’s stock, valued at $56,265.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alan Masarek sold 166,666 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $14.39, for a total transaction of $2,398,323.74. Following the completion of the sale, the chief executive officer now directly owns 495,189 shares in the company, valued at $7,125,769.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,607,754 shares of company stock worth $22,042,134. Corporate insiders own 8.70% of the company’s stock.
Vonage Holdings Corp. provides communications services connecting people through cloud-connected devices worldwide. It offers various business services, including basic dial tone, call queue, conferencing, call groups, mobile functionality, CRM integration, and detailed analytics, as well as Vonage Business Cloud and Vonage Enterprise services.
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