California Public Employees Retirement System decreased its stake in shares of Vonage Holdings Corp. (NYSE:VG) by 13.4% during the second quarter, HoldingsChannel.com reports. The firm owned 289,209 shares of the technology company’s stock after selling 44,915 shares during the quarter. California Public Employees Retirement System’s holdings in Vonage were worth $3,728,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Glenmede Trust Co. NA increased its position in Vonage by 238.6% during the 2nd quarter. Glenmede Trust Co. NA now owns 3,950,418 shares of the technology company’s stock valued at $50,920,000 after purchasing an additional 2,783,664 shares during the period. Lake Street Advisors Group LLC purchased a new position in Vonage during the 2nd quarter valued at about $1,890,000. MetLife Investment Advisors LLC increased its position in Vonage by 19.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 100,838 shares of the technology company’s stock valued at $1,300,000 after purchasing an additional 16,463 shares during the period. Metropolitan Life Insurance Co. NY increased its position in Vonage by 10.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 71,212 shares of the technology company’s stock valued at $918,000 after purchasing an additional 6,779 shares during the period. Finally, Marshall Wace LLP increased its position in Vonage by 9.8% during the 2nd quarter. Marshall Wace LLP now owns 45,220 shares of the technology company’s stock valued at $583,000 after purchasing an additional 4,032 shares during the period. 85.00% of the stock is owned by institutional investors and hedge funds.
Shares of Vonage stock opened at $13.45 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.35. Vonage Holdings Corp. has a 52-week low of $7.85 and a 52-week high of $14.73. The company has a market capitalization of $3.22 billion, a PE ratio of 48.04, a PEG ratio of 7.40 and a beta of -0.06.
Vonage (NYSE:VG) last issued its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.07 earnings per share (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 firm had revenue of $260.00 million for the quarter, compared to the consensus estimate of $254.95 million. During the same quarter in the previous year, the firm earned $0.07 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts expect that Vonage Holdings Corp. will post 0.36 earnings per share for the current fiscal year.
In other news, CEO Alan Masarek sold 500,000 shares of Vonage stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $14.32, for a total value of $7,160,000.00. Following the transaction, the chief executive officer now owns 495,189 shares of the company’s stock, valued at approximately $7,091,106.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vinod Lala sold 37,500 shares of Vonage stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $13.55, for a total transaction of $508,125.00. Following the completion of the transaction, the insider now directly owns 37,500 shares in the company, valued at approximately $508,125. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,550,893 shares of company stock worth $35,711,797. Insiders own 8.70% of the company’s stock.
A number of research firms have commented on VG. William Blair reissued an “outperform” rating on shares of Vonage in a research report on Monday, September 24th. Zacks Investment Research raised shares of Vonage from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price (up previously from $13.00) on shares of Vonage in a research report on Wednesday, August 1st. Finally, Citigroup raised their target price on shares of Vonage to $16.00 and gave the company a “buy” rating in a research report on Monday, July 16th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $12.83.
Vonage Company Profile
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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