Southpoint Capital Advisors LP Acquires Shares of 4,200,000 Vonage Holdings Corp. (VG)
Southpoint Capital Advisors LP acquired a new stake in shares of Vonage Holdings Corp. (NYSE:VG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,200,000 shares of the technology company’s stock, valued at approximately $27,468,000. Vonage Holdings Corp. accounts for approximately 1.1% of Southpoint Capital Advisors LP’s holdings, making the stock its 29th biggest holding. Southpoint Capital Advisors LP owned approximately 1.85% of Vonage Holdings Corp. as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of VG. BlackRock Inc. increased its holdings in Vonage Holdings Corp. by 36,952.8% during the first quarter. BlackRock Inc. now owns 15,753,734 shares of the technology company’s stock valued at $99,564,000 after buying an additional 15,711,217 shares during the period. SQN Investors LP increased its holdings in Vonage Holdings Corp. by 111.0% during the second quarter. SQN Investors LP now owns 5,647,830 shares of the technology company’s stock valued at $36,937,000 after buying an additional 2,970,716 shares during the period. Rubric Capital Management LP purchased a new position in Vonage Holdings Corp. during the second quarter valued at approximately $15,696,000. Vanguard Group Inc. increased its holdings in Vonage Holdings Corp. by 9.7% during the first quarter. Vanguard Group Inc. now owns 19,739,952 shares of the technology company’s stock valued at $124,757,000 after buying an additional 1,741,500 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in Vonage Holdings Corp. by 116.1% during the first quarter. Nuveen Asset Management LLC now owns 2,132,655 shares of the technology company’s stock valued at $13,478,000 after buying an additional 1,145,576 shares during the period. 79.57% of the stock is currently owned by institutional investors.
VG has been the topic of several research reports. Zacks Investment Research lowered shares of Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Dougherty & Co cut their price objective on shares of Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating on the stock in a report on Friday, August 4th. BidaskClub raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. FBN Securities lowered shares of Vonage Holdings Corp. from an “outperform” rating to a “sector perform” rating and set a $8.70 price objective on the stock. in a report on Thursday, August 10th. Finally, Robert W. Baird reissued a “buy” rating and set a $9.00 price objective on shares of Vonage Holdings Corp. in a report on Friday, September 1st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Vonage Holdings Corp. currently has an average rating of “Buy” and a consensus target price of $9.16.
Shares of Vonage Holdings Corp. (NYSE VG) traded down 0.36% during midday trading on Friday, reaching $8.40. 239,919 shares of the company’s stock traded hands. The stock has a market capitalization of $1.91 billion, a P/E ratio of 105.00 and a beta of -0.11. The firm’s 50-day moving average price is $8.10 and its 200 day moving average price is $7.09. Vonage Holdings Corp. has a 1-year low of $5.74 and a 1-year high of $8.69.
Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.06 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.06. Vonage Holdings Corp. had a net margin of 2.00% and a return on equity of 12.40%. The company had revenue of $252.00 million for the quarter, compared to the consensus estimate of $242.05 million. During the same period in the prior year, the firm posted $0.08 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities analysts predict that Vonage Holdings Corp. will post $0.27 earnings per share for the current fiscal year.
In other Vonage Holdings Corp. news, Director Jeffrey A. Citron sold 414,913 shares of the stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $7.99, for a total value of $3,315,154.87. Following the sale, the director now directly owns 12,670,751 shares of the company’s stock, valued at approximately $101,239,300.49. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David T. Pearson sold 198,350 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now directly owns 216,119 shares in the company, valued at $1,744,080.33. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,028,176 shares of company stock worth $8,280,784. Insiders own 14.05% of the company’s stock.
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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