Formula Growth Ltd. Cuts Stake in Vonage Holdings Corp. (VG)
Formula Growth Ltd. lowered its stake in shares of Vonage Holdings Corp. (NYSE:VG) by 86.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,220 shares of the technology company’s stock after selling 978,780 shares during the period. Formula Growth Ltd. owned about 0.07% of Vonage worth $1,231,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC boosted its position in Vonage by 54.2% during the second quarter. Parametric Portfolio Associates LLC now owns 744,774 shares of the technology company’s stock worth $4,871,000 after acquiring an additional 261,918 shares during the last quarter. First Washington CORP acquired a new position in Vonage during the second quarter worth about $2,446,000. Pier Capital LLC acquired a new position in Vonage during the second quarter worth about $5,348,000. Federated Investors Inc. PA boosted its position in Vonage by 13.9% during the second quarter. Federated Investors Inc. PA now owns 2,004,456 shares of the technology company’s stock worth $13,109,000 after acquiring an additional 243,979 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in Vonage by 15.3% during the second quarter. Royal Bank of Canada now owns 6,559,655 shares of the technology company’s stock worth $42,902,000 after acquiring an additional 872,527 shares during the last quarter. 84.06% of the stock is owned by institutional investors and hedge funds.
Vonage Holdings Corp. (NYSE VG) traded up $0.14 during trading hours on Friday, reaching $10.32. 1,880,000 shares of the company’s stock traded hands, compared to its average volume of 2,078,222. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.51. The firm has a market cap of $2,327.87, a price-to-earnings ratio of 46.27, a price-to-earnings-growth ratio of 7.22 and a beta of -0.06. Vonage Holdings Corp. has a 12 month low of $5.74 and a 12 month high of $10.33.
A number of equities analysts recently weighed in on VG shares. Zacks Investment Research upgraded shares of Vonage from a “hold” rating to a “buy” rating and set a $9.75 price target on the stock in a research report on Saturday, November 11th. Northland Securities restated a “buy” rating and set a $9.50 price target on shares of Vonage in a research report on Tuesday, September 5th. Robert W. Baird restated a “buy” rating and set a $9.00 price target on shares of Vonage in a research report on Friday, September 1st. Citigroup restated a “buy” rating and set a $9.75 price target on shares of Vonage in a research report on Wednesday, September 13th. Finally, Dougherty & Co lowered their price target on shares of Vonage from $10.50 to $8.50 and set a “buy” rating on the stock in a research report on Friday, August 4th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Vonage presently has an average rating of “Buy” and a consensus price target of $9.72.
In other Vonage news, insider Edward M. Gilvar sold 17,778 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $9.76, for a total value of $173,513.28. Following the transaction, the insider now directly owns 29,199 shares in the company, valued at approximately $284,982.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey A. Citron sold 414,913 shares of the business’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $8.12, for a total transaction of $3,369,093.56. Following the completion of the transaction, the director now owns 12,676,047 shares in the company, valued at $102,929,501.64. The disclosure for this sale can be found here. Insiders sold a total of 1,539,123 shares of company stock worth $12,962,492 over the last quarter. 14.05% of the stock is currently owned by company insiders.
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Vonage 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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