Creative Planning lowered its stake in shares of Vonage Holdings Corp. (NYSE:VG) by 22.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,440 shares of the technology company’s stock after selling 5,000 shares during the period. Creative Planning’s holdings in Vonage were worth $177,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of VG. World Asset Management Inc purchased a new position in Vonage in the 3rd quarter valued at approximately $112,000. Bank of Montreal Can grew its stake in Vonage by 103.4% in the 4th quarter. Bank of Montreal Can now owns 12,948 shares of the technology company’s stock valued at $131,000 after buying an additional 6,581 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Vonage in the 3rd quarter valued at approximately $148,000. Amalgamated Bank grew its stake in Vonage by 11.7% in the 2nd quarter. Amalgamated Bank now owns 26,757 shares of the technology company’s stock valued at $175,000 after buying an additional 2,805 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in Vonage in the 3rd quarter valued at approximately $177,000. Institutional investors own 83.85% of the company’s stock.
In other news, Director Jeffrey A. Citron sold 238,303 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $10.07, for a total transaction of $2,399,711.21. Following the completion of the transaction, the director now directly owns 10,680,286 shares in the company, valued at approximately $107,550,480.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey A. Citron sold 514,913 shares of Vonage stock in a transaction on Friday, January 12th. The stock was sold at an average price of $10.37, for a total transaction of $5,339,647.81. Following the sale, the director now directly owns 10,680,286 shares of the company’s stock, valued at $110,754,565.82. The disclosure for this sale can be found here. Insiders have sold a total of 1,877,429 shares of company stock valued at $18,516,671 over the last 90 days. Company insiders own 14.05% of the company’s stock.
Vonage (NYSE:VG) last released its quarterly earnings results on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. The firm had revenue of $253.10 million during the quarter, compared to analyst estimates of $249.02 million. Vonage had a net margin of 2.14% and a return on equity of 11.47%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 EPS. sell-side analysts anticipate that Vonage Holdings Corp. will post 0.28 earnings per share for the current fiscal year.
A number of research analysts recently weighed in on the stock. Zacks Investment Research reiterated a “hold” rating and issued a $11.00 price objective on shares of Vonage in a research note on Saturday, January 13th. Robert W. Baird reiterated a “buy” rating and issued a $11.00 price objective on shares of Vonage in a research note on Wednesday, January 3rd. Needham & Company LLC lifted their price objective on shares of Vonage from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, December 11th. Oppenheimer lifted their price objective on shares of Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Finally, Citigroup restated a “buy” rating and set a $11.00 price target on shares of Vonage in a research report on Wednesday, November 8th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $10.30.
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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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