Vonage Holdings Corp. (VG) Director Sells $7,165,000.00 in Stock

Vonage Holdings Corp. (NYSE:VG) Director Jeffrey A. Citron sold 500,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $14.33, for a total value of $7,165,000.00. Following the sale, the director now owns 10,650,784 shares in the company, valued at $152,625,734.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of VG opened at $14.23 on Friday. Vonage Holdings Corp. has a twelve month low of $7.79 and a twelve month high of $14.73. The stock has a market cap of $3.43 billion, a PE ratio of 50.82, a P/E/G ratio of 7.63 and a beta of -0.08. 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 (NYSE:VG) last announced its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.07 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07. Vonage had a positive return on equity of 16.92% and a negative net margin of 1.14%. The firm had revenue of $260.00 million for the quarter, compared to analysts’ expectations of $254.95 million. During the same period in the prior year, the business posted $0.07 earnings per share. The company’s revenue was up 3.2% on a year-over-year basis. sell-side analysts predict that Vonage Holdings Corp. will post 0.38 earnings per share for the current fiscal year.

Several brokerages have recently weighed in on VG. Zacks Investment Research upgraded Vonage from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. Citigroup upped their price target on 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. William Blair reiterated a “buy” rating on shares of Vonage in a research report on Wednesday, August 1st. Finally, Needham & Company LLC reiterated 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. Two research 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 an average rating of “Buy” and a consensus target price of $12.36.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Vonage by 13.3% in the second quarter. BlackRock Inc. now owns 30,970,520 shares of the technology company’s stock worth $399,210,000 after purchasing an additional 3,641,447 shares during the last quarter. Glenmede Trust Co. NA increased its position in shares of Vonage by 238.6% in the second quarter. Glenmede Trust Co. NA now owns 3,950,418 shares of the technology company’s stock worth $50,920,000 after purchasing an additional 2,783,664 shares during the last quarter. First Trust Advisors LP increased its position in shares of Vonage by 12.2% in the second quarter. First Trust Advisors LP now owns 8,924,929 shares of the technology company’s stock worth $115,042,000 after purchasing an additional 972,857 shares during the last quarter. Federated Investors Inc. PA increased its position in shares of Vonage by 149.4% in the first quarter. Federated Investors Inc. PA now owns 1,579,286 shares of the technology company’s stock worth $16,820,000 after purchasing an additional 946,027 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Vonage by 147.6% in the second quarter. Renaissance Technologies LLC now owns 1,153,600 shares of the technology company’s stock worth $14,870,000 after purchasing an additional 687,600 shares during the last quarter. Hedge funds and other institutional investors own 84.94% 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.

Featured Story: Leveraged Buyout (LBO)

Insider Buying and Selling by Quarter for Vonage (NYSE:VG)

Receive News & Ratings for Vonage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vonage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply