Vonage Holdings Corp. (NYSE:VG) Director Jeffrey A. Citron sold 500,000 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $6.45, for a total transaction of $3,225,000.00. Following the completion of the transaction, the director now owns 12,644,516 shares of the company’s stock, valued at $81,557,128.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Vonage Holdings Corp. (NYSE:VG) opened at 6.47 on Tuesday. The firm has a market capitalization of $1.40 billion, a PE ratio of 91.13 and a beta of 1.05. Vonage Holdings Corp. has a 12-month low of $3.82 and a 12-month high of $7.42. The company’s 50 day moving average is $6.03 and its 200 day moving average is $5.25.
Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.01. The firm earned $234 million during the quarter, compared to analysts’ expectations of $226.48 million. Vonage Holdings Corp. had a return on equity of 17.58% and a net margin of 1.71%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 EPS. On average, analysts forecast that Vonage Holdings Corp. will post $0.28 earnings per share for the current year.
VG has been the subject of several recent analyst reports. Dougherty & Co raised their target price on shares of Vonage Holdings Corp. from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Summit Redstone restated a “hold” rating on shares of Vonage Holdings Corp. in a report on Wednesday, July 6th. TheStreet upgraded shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. FBN Securities restated an “outperform” rating on shares of Vonage Holdings Corp. in a report on Tuesday, August 2nd. Finally, Citigroup Inc. upgraded shares of Vonage Holdings Corp. from a “neutral” rating to a “buy” rating and raised their price target for the stock from $4.75 to $8.00 in a report on Tuesday, June 14th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $7.50.
A number of hedge funds have recently made changes to their positions in VG. BlackRock Fund Advisors boosted its stake in shares of Vonage Holdings Corp. by 27.1% in the second quarter. BlackRock Fund Advisors now owns 10,318,642 shares of the company’s stock valued at $62,944,000 after buying an additional 2,199,788 shares in the last quarter. Thompson Siegel & Walmsley LLC boosted its stake in shares of Vonage Holdings Corp. by 30.1% in the second quarter. Thompson Siegel & Walmsley LLC now owns 7,806,365 shares of the company’s stock valued at $47,619,000 after buying an additional 1,807,159 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Vonage Holdings Corp. during the second quarter valued at $7,386,000. Friess Associates LLC purchased a new stake in shares of Vonage Holdings Corp. during the second quarter valued at $7,320,000. Finally, FMR LLC boosted its stake in shares of Vonage Holdings Corp. by 55.4% in the second quarter. FMR LLC now owns 3,278,000 shares of the company’s stock valued at $19,996,000 after buying an additional 1,169,110 shares in the last quarter. 73.59% of the stock is owned by hedge funds and other institutional investors.
About Vonage Holdings Corp.
Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and business communication solutions across multiple devices. For business services customers, the Company provides cloud-based unified communications as a service (UCaaS) solutions, consisting of integrated voice, text, video, data, collaboration and mobile applications over its scalable session initiation protocol (SIP)-based voice over Internet protocol (VoIP) network.
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