US Bancorp DE increased its stake in shares of Vonage Holdings Corp. (NYSE:VG) by 10.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,743 shares of the technology company’s stock after buying an additional 11,948 shares during the quarter. US Bancorp DE owned about 0.05% of Vonage worth $1,303,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Vonage in the 4th quarter valued at $31,218,000. Rice Hall James & Associates LLC bought a new position in shares of Vonage in the 1st quarter valued at $20,129,000. Deutsche Bank AG lifted its stake in shares of Vonage by 118.6% in the 4th quarter. Deutsche Bank AG now owns 1,649,567 shares of the technology company’s stock valued at $14,398,000 after acquiring an additional 895,110 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Vonage by 2.4% in the 4th quarter. BlackRock Inc. now owns 32,275,483 shares of the technology company’s stock valued at $281,766,000 after acquiring an additional 756,455 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund bought a new position in shares of Vonage in the 4th quarter valued at $84,000. 85.39% of the stock is currently owned by institutional investors and hedge funds.
In other Vonage news, Director Jeffrey A. Citron sold 275,000 shares of Vonage stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $11.27, for a total transaction of $3,099,250.00. Following the transaction, the director now owns 8,702,829 shares of the company’s stock, valued at approximately $98,080,882.83. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey A. Citron sold 400,000 shares of Vonage stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $11.34, for a total transaction of $4,536,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,424,042 shares of company stock valued at $15,679,886 in the last quarter. Company insiders own 7.41% of the company’s stock.
Vonage (NYSE:VG) last issued its earnings results on Wednesday, May 8th. The technology company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. The company had revenue of $280.00 million during the quarter, compared to the consensus estimate of $277.82 million. Vonage had a return on equity of 12.11% and a net margin of 0.99%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $0.13 EPS. On average, research analysts forecast that Vonage Holdings Corp. will post 0.22 EPS for the current fiscal year.
Several research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Vonage in a research report on Friday, May 31st. They set a “buy” rating and a $15.00 target price for the company. Stephens reaffirmed a “buy” rating on shares of Vonage in a research report on Monday, April 29th. Summit Insights reaffirmed a “hold” rating on shares of Vonage in a research report on Thursday, April 4th. Zacks Investment Research raised Vonage from a “sell” rating to a “hold” rating in a research report on Wednesday, March 20th. Finally, Guggenheim assumed coverage on Vonage in a research report on Monday, March 11th. They issued a “neutral” rating and a $10.00 price objective for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Vonage has an average rating of “Buy” and an average price target of $14.83.
Vonage Company Profile
Vonage Holdings Corp. provides cloud communications services for businesses and consumers. It operates through two segments, Business and Consumer. The Business segment offers cloud-based Unified Communications as a Service solutions, such as integrated voice, text, video, data, collaboration, contact center, and mobile applications through flexible, scalable Session Initiation protocol based VoIP network; Communications Platform as a Service solutions to developers designed to enhance the businesses communicate with customers by embedding communications into apps, Websites, and business processes; and Vonage Business Cloud and Vonage Enterprise services.
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