American International Group Inc. lowered its stake in shares of Vonage Holdings Corp. (NYSE:VG) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 171,558 shares of the technology company’s stock after selling 1,967 shares during the period. American International Group Inc. owned approximately 0.07% of Vonage worth $1,498,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the business. Comerica Bank increased its stake in Vonage by 0.5% during the 4th quarter. Comerica Bank now owns 214,156 shares of the technology company’s stock worth $1,925,000 after buying an additional 1,115 shares during the period. Piedmont Investment Advisors Inc. grew its holdings in Vonage by 3.5% during the 4th quarter. Piedmont Investment Advisors Inc. now owns 52,463 shares of the technology company’s stock worth $458,000 after acquiring an additional 1,782 shares in the last quarter. Eqis Capital Management Inc. grew its holdings in Vonage by 15.9% during the 4th quarter. Eqis Capital Management Inc. now owns 13,809 shares of the technology company’s stock worth $121,000 after acquiring an additional 1,897 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Vonage by 10.7% during the 4th quarter. Mackenzie Financial Corp now owns 28,550 shares of the technology company’s stock worth $249,000 after acquiring an additional 2,750 shares in the last quarter. Finally, Chesapeake Wealth Management grew its holdings in Vonage by 20.9% during the 4th quarter. Chesapeake Wealth Management now owns 18,573 shares of the technology company’s stock worth $162,000 after acquiring an additional 3,208 shares in the last quarter. 85.75% of the stock is currently owned by institutional investors.
Several brokerages have weighed in on VG. Summit Insights reissued a “hold” rating on shares of Vonage in a report on Thursday, April 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Vonage in a report on Monday, January 7th. Zacks Investment Research lowered shares of Vonage from a “hold” rating to a “sell” rating in a report on Saturday, February 9th. Stephens reissued a “buy” rating and set a $14.00 target price on shares of Vonage in a research note on Thursday, February 21st. Finally, Guggenheim assumed coverage on shares of Vonage in a research note on Monday, March 11th. They set a “neutral” rating and a $10.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $14.50.
Vonage (NYSE:VG) last released its quarterly earnings results on Thursday, February 21st. The technology company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). Vonage had a return on equity of 15.33% and a net margin of 3.41%. The company had revenue of $273.80 million for the quarter, compared to the consensus estimate of $274.64 million. During the same quarter last year, the firm posted $0.09 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts predict that Vonage Holdings Corp. will post 0.18 earnings per share for the current year.
In other news, Director Jeffrey A. Citron sold 250,000 shares of Vonage stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $9.74, for a total value of $2,435,000.00. Following the transaction, the director now directly owns 8,563,086 shares of the company’s stock, valued at $83,404,457.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey A. Citron sold 83,334 shares of Vonage stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $9.68, for a total transaction of $806,673.12. Following the completion of the transaction, the director now directly owns 8,563,086 shares in the company, valued at $82,890,672.48. The disclosure for this sale can be found here. Insiders sold a total of 1,098,045 shares of company stock worth $10,923,810 over the last quarter. Insiders own 8.70% of the company’s stock.
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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