California State Teachers Retirement System Trims Holdings in Vonage Holdings Corp. (VG)

California State Teachers Retirement System trimmed its holdings in shares of Vonage Holdings Corp. (NYSE:VG) by 9.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320,011 shares of the technology company’s stock after selling 34,019 shares during the quarter. California State Teachers Retirement System owned 0.14% of Vonage worth $2,605,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Vonage by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 20,177,322 shares of the technology company’s stock worth $131,960,000 after purchasing an additional 437,370 shares during the period. Cramer Rosenthal Mcglynn LLC lifted its position in shares of Vonage by 6.0% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 7,596,028 shares of the technology company’s stock worth $49,678,000 after purchasing an additional 427,218 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Vonage by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,984,257 shares of the technology company’s stock worth $56,853,000 after purchasing an additional 22,698 shares during the period. Royal Bank of Canada lifted its position in shares of Vonage by 15.3% in the 2nd quarter. Royal Bank of Canada now owns 6,559,655 shares of the technology company’s stock worth $42,902,000 after purchasing an additional 872,527 shares during the period. Finally, SQN Investors LP lifted its position in shares of Vonage by 111.0% in the 2nd quarter. SQN Investors LP now owns 5,647,830 shares of the technology company’s stock worth $36,937,000 after purchasing an additional 2,970,716 shares during the period. Hedge funds and other institutional investors own 83.99% of the company’s stock.

VG has been the topic of a number of recent analyst reports. 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. Needham & Company LLC restated a “buy” rating and issued a $10.00 price target (up previously from $9.50) on shares of Vonage in a research report on Wednesday, November 8th. Citigroup restated a “buy” rating and issued a $11.00 price target on shares of Vonage in a research report on Wednesday, November 8th. They noted that the move was a valuation call. Craig Hallum restated a “buy” rating and issued a $11.00 price target (up previously from $10.00) on shares of Vonage in a research report on Tuesday, November 7th. Finally, Robert W. Baird restated a “buy” rating and issued a $9.00 price target on shares of Vonage in a research report on Friday, October 20th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $10.30.

Vonage Holdings Corp. (NYSE VG) opened at $10.96 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.63 and a current ratio of 0.64. Vonage Holdings Corp. has a 1 year low of $5.74 and a 1 year high of $11.00. The stock has a market cap of $2,490.00, a price-to-earnings ratio of 121.78, a P/E/G ratio of 5.88 and a beta of -0.05.

Vonage (NYSE:VG) last released its earnings results on Tuesday, November 7th. The technology company reported $0.07 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.07. Vonage had a net margin of 2.14% and a return on equity of 11.47%. The company had revenue of $253.10 million for the quarter, compared to the consensus estimate of $249.02 million. During the same quarter in the previous year, the company earned $0.09 EPS. Vonage’s quarterly revenue was up 1.9% compared to the same quarter last year. research analysts expect that Vonage Holdings Corp. will post 0.28 earnings per share for the current fiscal year.

In other Vonage news, Director Jeffrey A. Citron sold 138,303 shares of the business’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $8.15, for a total transaction of $1,127,169.45. Following the completion of the sale, the director now owns 12,676,047 shares in the company, valued at approximately $103,309,783.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey A. Citron sold 514,913 shares of the business’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $10.37, for a total transaction of $5,339,647.81. Following the sale, the director now owns 10,680,286 shares of the company’s stock, valued at approximately $110,754,565.82. The disclosure for this sale can be found here. Insiders have sold a total of 2,430,645 shares of company stock worth $23,012,934 in the last quarter. 14.05% of the stock is owned by corporate insiders.

TRADEMARK VIOLATION NOTICE: “California State Teachers Retirement System Trims Holdings in Vonage Holdings Corp. (VG)” was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another domain, it was illegally stolen and reposted in violation of United States and international copyright legislation. The original version of this piece can be accessed at https://ledgergazette.com/2018/01/13/california-state-teachers-retirement-system-trims-holdings-in-vonage-holdings-corp-vg.html.

About Vonage

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.

Institutional Ownership by Quarter for Vonage (NYSE:VG)

Receive News & Ratings for Vonage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vonage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply