Argent Capital Management LLC Cuts Stake in Vonage Holdings Corp. (VG)
Argent Capital Management LLC lowered its stake in shares of Vonage Holdings Corp. (NYSE:VG) by 36.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 349,050 shares of the technology company’s stock after selling 201,040 shares during the period. Argent Capital Management LLC owned about 0.15% of Vonage worth $2,841,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in VG. World Asset Management Inc acquired a new position in Vonage during the third quarter worth about $112,000. Bayesian Capital Management LP acquired a new position in Vonage in the 2nd quarter valued at about $118,000. CIBC Asset Management Inc acquired a new position in Vonage in the 3rd quarter valued at about $148,000. Aperio Group LLC boosted its holdings in Vonage by 2.2% in the 2nd quarter. Aperio Group LLC now owns 20,387 shares of the technology company’s stock valued at $133,000 after purchasing an additional 433 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in Vonage in the 3rd quarter valued at about $177,000. 84.01% of the stock is owned by institutional investors and hedge funds.
In related news, Director Jeffrey A. Citron sold 138,303 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $8.90, for a total transaction of $1,230,896.70. Following the sale, the director now directly owns 11,676,047 shares of the company’s stock, valued at approximately $103,916,818.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey A. Citron sold 414,913 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $7.99, for a total transaction of $3,315,154.87. Following the sale, the director now directly owns 12,670,751 shares in the company, valued at $101,239,300.49. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,539,123 shares of company stock worth $12,962,492. 14.05% of the stock is owned by insiders.
Vonage (NYSE:VG) last issued its quarterly earnings data on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Vonage had a net margin of 2.14% and a return on equity of 11.47%. The firm had revenue of $253.10 million for the quarter, compared to analyst estimates of $249.02 million. During the same period in the prior year, the business posted $0.09 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. analysts forecast that Vonage Holdings Corp. will post 0.28 EPS for the current fiscal year.
VG has been the topic of several recent analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $9.00 target price on shares of Vonage in a report on Friday, September 1st. Craig Hallum reiterated a “buy” rating and issued a $11.00 target price (up from $10.00) on shares of Vonage in a report on Tuesday, November 7th. Citigroup reiterated a “buy” rating and issued a $11.00 target price on shares of Vonage in a report on Wednesday, November 8th. They noted that the move was a valuation call. Northland Securities reiterated a “buy” rating and issued a $9.50 target price on shares of Vonage in a report on Thursday, October 12th. Finally, Needham & Company LLC boosted their target price on shares of Vonage from $10.00 to $12.00 and gave the company a “buy” rating in a report on Monday. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Vonage currently has an average rating of “Buy” and a consensus price target of $9.94.
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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