Castleark Management LLC increased its holdings in shares of Vonage Holdings (NYSE:VG) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,926,037 shares of the technology company’s stock after purchasing an additional 71,985 shares during the period. Castleark Management LLC owned 0.84% of Vonage worth $19,588,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in VG. BlackRock Inc. boosted its stake in Vonage by 0.9% in the fourth quarter. BlackRock Inc. now owns 28,008,139 shares of the technology company’s stock valued at $284,843,000 after acquiring an additional 261,883 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Vonage by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 6,984,257 shares of the technology company’s stock valued at $56,853,000 after acquiring an additional 22,698 shares in the last quarter. First Trust Advisors LP boosted its stake in Vonage by 0.3% in the fourth quarter. First Trust Advisors LP now owns 6,503,508 shares of the technology company’s stock valued at $66,141,000 after acquiring an additional 16,551 shares in the last quarter. Millennium Management LLC boosted its stake in Vonage by 92.3% in the fourth quarter. Millennium Management LLC now owns 2,989,008 shares of the technology company’s stock valued at $30,398,000 after acquiring an additional 1,435,026 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Vonage by 103.5% in the third quarter. Bank of New York Mellon Corp now owns 2,674,457 shares of the technology company’s stock valued at $21,769,000 after acquiring an additional 1,360,141 shares in the last quarter. Hedge funds and other institutional investors own 86.28% of the company’s stock.
Shares of NYSE VG traded down $0.03 during midday trading on Friday, reaching $10.56. The company had a trading volume of 1,043,856 shares, compared to its average volume of 1,584,070. The stock has a market cap of $2,421.63, a P/E ratio of 37.71, a P/E/G ratio of 5.82 and a beta of 0.04. Vonage Holdings has a 1 year low of $6.09 and a 1 year high of $11.65. The company has a current ratio of 0.67, a quick ratio of 0.65 and a debt-to-equity ratio of 0.45.
Vonage (NYSE:VG) last posted its quarterly earnings results on Wednesday, February 21st. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). The company had revenue of $254.00 million during the quarter, compared to analysts’ expectations of $254.19 million. Vonage had a positive return on equity of 14.13% and a negative net margin of 3.39%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 EPS. sell-side analysts forecast that Vonage Holdings will post 0.36 earnings per share for the current year.
In related news, SVP Valerie Kahn sold 9,826 shares of the firm’s stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $10.81, for a total transaction of $106,219.06. Following the completion of the transaction, the senior vice president now owns 15,601 shares of the company’s stock, valued at $168,646.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Vinod Lala sold 29,388 shares of the firm’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $10.60, for a total transaction of $311,512.80. Following the transaction, the insider now directly owns 22,165 shares of the company’s stock, valued at approximately $234,949. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 100,000 shares of company stock valued at $21,330 and sold 2,228,591 shares valued at $23,400,007. Company insiders own 14.05% of the company’s stock.
VG has been the subject of several recent analyst reports. Zacks Investment Research restated a “hold” rating and issued a $11.00 target price on shares of Vonage in a research note on Saturday, January 13th. Needham & Company LLC raised their target price 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. ValuEngine upgraded shares of Vonage from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Robert W. Baird restated an “outperform” rating and issued a $12.00 target price (up from $11.00) on shares of Vonage in a research note on Thursday, February 22nd. Finally, Summit Redstone restated a “hold” rating on shares of Vonage in a research note on Friday, February 9th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $10.41.
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Vonage Holdings Corp. provides communications services connecting people through cloud-connected devices worldwide. It offers various business services, including basic dial tone, call queue, conferencing, call groups, mobile functionality, CRM integration, and detailed analytics, as well as Vonage Business Cloud and Vonage Enterprise services.
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