Alliancebernstein L.P. increased its stake in Vonage Holdings Corp. (NYSE:VG) by 998.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 9,866,561 shares of the technology company’s stock after buying an additional 8,968,261 shares during the period. Alliancebernstein L.P.’s holdings in Vonage Holdings Corp. were worth $62,357,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Argent Capital Management LLC boosted its stake in shares of Vonage Holdings Corp. by 35.6% in the first quarter. Argent Capital Management LLC now owns 621,780 shares of the technology company’s stock valued at $3,930,000 after buying an additional 163,155 shares during the last quarter. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of Vonage Holdings Corp. during the first quarter valued at $3,554,000. American International Group Inc. boosted its stake in shares of Vonage Holdings Corp. by 7.0% in the first quarter. American International Group Inc. now owns 117,621 shares of the technology company’s stock valued at $743,000 after buying an additional 7,714 shares during the last quarter. Schroder Investment Management Group boosted its stake in shares of Vonage Holdings Corp. by 31.3% in the first quarter. Schroder Investment Management Group now owns 221,460 shares of the technology company’s stock valued at $1,386,000 after buying an additional 52,848 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Vonage Holdings Corp. by 2,499.3% in the first quarter. JPMorgan Chase & Co. now owns 644,684 shares of the technology company’s stock valued at $4,075,000 after buying an additional 619,882 shares during the last quarter. 77.13% of the stock is currently owned by institutional investors.
Shares of Vonage Holdings Corp. (VG) traded up 0.88% on Wednesday, hitting $6.91. The company’s stock had a trading volume of 1,634,966 shares. The stock has a 50-day moving average price of $6.65 and a 200 day moving average price of $6.66. Vonage Holdings Corp. has a one year low of $4.43 and a one year high of $7.88. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 113.28 and a beta of 0.25.
Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.06 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.06. The business had revenue of $243.30 million during the quarter, compared to the consensus estimate of $242.40 million. Vonage Holdings Corp. had a net margin of 2.27% and a return on equity of 17.99%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 EPS. Equities research analysts predict that Vonage Holdings Corp. will post $0.27 EPS for the current year.
Several brokerages have weighed in on VG. William Blair reissued an “outperform” rating on shares of Vonage Holdings Corp. in a research note on Wednesday, May 24th. Zacks Investment Research raised Vonage Holdings Corp. from a “hold” rating to a “buy” rating and set a $7.75 price objective on the stock in a research note on Thursday, May 11th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Vonage Holdings Corp. presently has an average rating of “Buy” and a consensus price target of $8.13.
In other news, insider Antoine Jamous sold 284,623 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $6.17, for a total transaction of $1,756,123.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mcgonigal Graham sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $6.76, for a total transaction of $270,400.00. Following the sale, the senior vice president now owns 275,096 shares of the company’s stock, valued at approximately $1,859,648.96. The disclosure for this sale can be found here. Insiders have sold a total of 1,436,181 shares of company stock valued at $9,306,160 in the last 90 days. Insiders own 14.59% 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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