Prudential Financial Inc. Has $985,000 Stake in Vonage Holdings Corp. (NYSE:VG)
Prudential Financial Inc. lowered its position in Vonage Holdings Corp. (NYSE:VG) by 23.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,867 shares of the technology company’s stock after selling 48,169 shares during the period. Prudential Financial Inc. owned approximately 0.07% of Vonage Holdings Corp. worth $985,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in VG. State Street Corp raised its position in shares of Vonage Holdings Corp. by 9.4% in the fourth quarter. State Street Corp now owns 3,973,633 shares of the technology company’s stock worth $27,220,000 after buying an additional 341,265 shares during the last quarter. Tudor Investment Corp Et Al acquired a new position in shares of Vonage Holdings Corp. during the fourth quarter worth about $193,000. Norges Bank acquired a new position in shares of Vonage Holdings Corp. during the fourth quarter worth about $19,387,000. Parametrica Management Ltd acquired a new position in shares of Vonage Holdings Corp. during the first quarter worth about $143,000. Finally, Perkins Capital Management Inc. acquired a new position in shares of Vonage Holdings Corp. during the first quarter worth about $239,000. Hedge funds and other institutional investors own 78.08% of the company’s stock.
Shares of Vonage Holdings Corp. (NYSE:VG) opened at 6.58 on Friday. The company has a market cap of $1.46 billion, a P/E ratio of 107.87 and a beta of -0.01. Vonage Holdings Corp. has a one year low of $5.43 and a one year high of $7.88. The stock’s 50 day moving average is $6.72 and its 200-day moving average is $6.65.
Vonage Holdings Corp. (NYSE:VG) last issued its quarterly earnings data on Tuesday, May 9th. The technology company reported $0.06 EPS for the quarter, meeting the consensus estimate of $0.06. The company had revenue of $243.30 million during the quarter, compared to analysts’ expectations of $242.40 million. Vonage Holdings Corp. had a net margin of 1.63% and a return on equity of 13.56%. Vonage Holdings Corp.’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 earnings per share. Equities research analysts forecast that Vonage Holdings Corp. will post $0.27 earnings per share for the current year.
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A number of research analysts have issued reports on VG shares. Zacks Investment Research upgraded shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Wednesday, April 19th. William Blair reaffirmed a “buy” rating on shares of Vonage Holdings Corp. in a report on Thursday, May 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $8.15.
In related news, CFO David T. Pearson sold 2,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $7.00, for a total transaction of $14,000,000.00. Following the completion of the transaction, the chief financial officer now owns 948,241 shares of the company’s stock, valued at $6,637,687. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey A. Citron sold 276,606 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $6.57, for a total transaction of $1,817,301.42. Following the transaction, the director now directly owns 12,664,157 shares of the company’s stock, valued at approximately $83,203,511.49. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,154,375 shares of company stock valued at $28,881,119. 14.05% of the stock is owned by corporate insiders.
About Vonage Holdings Corp.
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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