ProShare Advisors LLC reduced its position in shares of Vonage Holdings Corp. (NYSE:VG) by 26.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,451 shares of the technology company’s stock after selling 14,750 shares during the period. ProShare Advisors LLC’s holdings in Vonage Holdings Corp. were worth $271,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. MARSHALL WACE ASIA Ltd purchased a new stake in Vonage Holdings Corp. during the 1st quarter worth approximately $1,192,000. Pier Capital LLC purchased a new stake in Vonage Holdings Corp. during the 2nd quarter worth approximately $5,348,000. First Washington CORP purchased a new stake in Vonage Holdings Corp. during the 2nd quarter worth approximately $2,446,000. Federated Investors Inc. PA increased its stake in Vonage Holdings Corp. by 13.9% during the 2nd quarter. Federated Investors Inc. PA now owns 2,004,456 shares of the technology company’s stock worth $13,109,000 after buying an additional 243,979 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Vonage Holdings Corp. by 36,952.8% during the 1st quarter. BlackRock Inc. now owns 15,753,734 shares of the technology company’s stock worth $99,564,000 after buying an additional 15,711,217 shares in the last quarter. Institutional investors own 79.57% of the company’s stock.
In related news, Director Jeffrey A. Citron sold 414,913 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $8.11, for a total transaction of $3,364,944.43. Following the completion of the sale, the director now owns 12,670,751 shares of the company’s stock, valued at approximately $102,759,790.61. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David T. Pearson sold 198,350 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $8.07, for a total transaction of $1,600,684.50. Following the sale, the chief financial officer now directly owns 216,119 shares of the company’s stock, valued at approximately $1,744,080.33. The disclosure for this sale can be found here. Insiders have sold a total of 1,028,176 shares of company stock worth $8,280,784 in the last 90 days. Company insiders own 14.05% of the company’s stock.
Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.06 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.06. The company had revenue of $252.00 million for the quarter, compared to analyst estimates of $242.05 million. Vonage Holdings Corp. had a net margin of 2.00% and a return on equity of 12.40%. Vonage Holdings Corp.’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $0.08 EPS.
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VG has been the topic of several recent research reports. Robert W. Baird restated a “buy” rating and set a $9.00 target price on shares of Vonage Holdings Corp. in a report on Friday, September 1st. Northland Securities restated a “buy” rating and set a $9.50 target price on shares of Vonage Holdings Corp. in a report on Thursday. Dougherty & Co lowered their target price on Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating on the stock in a report on Friday, August 4th. Citigroup Inc. restated a “buy” rating and set a $9.75 target price on shares of Vonage Holdings Corp. in a report on Wednesday, September 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $9.50 price objective on shares of Vonage Holdings Corp. in a report on Wednesday, September 27th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $9.16.
Vonage Holdings Corp. Company Profile
Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and communication solutions across multiple devices. The Company operates through two segments: Business and Consumer. 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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