Traders Buy Large Volume of Put Options on Vonage (VG)

Vonage Holdings Corp. (NYSE:VG) saw unusually large options trading on Tuesday. Investors purchased 625 put options on the company. This represents an increase of approximately 793% compared to the average volume of 70 put options.

In related news, Director Jeffrey A. Citron sold 514,913 shares of the stock in a transaction on Friday, January 12th. The stock was sold at an average price of $10.37, for a total value of $5,339,647.81. Following the sale, the director now owns 10,680,286 shares in the company, valued at approximately $110,754,565.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey A. Citron sold 138,303 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $10.14, for a total value of $1,402,392.42. Following the completion of the sale, the director now owns 10,676,047 shares in the company, valued at approximately $108,255,116.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,306,435 shares of company stock worth $13,365,596. Company insiders own 14.05% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in shares of Vonage by 3,438.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,594,420 shares of the technology company’s stock worth $12,979,000 after purchasing an additional 1,549,359 shares in the last quarter. Shell Asset Management Co. acquired a new stake in shares of Vonage during the 4th quarter worth $15,311,000. Millennium Management LLC grew its holdings in shares of Vonage by 92.3% during the 4th quarter. Millennium Management LLC now owns 2,989,008 shares of the technology company’s stock worth $30,398,000 after purchasing an additional 1,435,026 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Vonage by 103.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,674,457 shares of the technology company’s stock worth $21,769,000 after purchasing an additional 1,360,141 shares in the last quarter. Finally, Glenmede Trust Co. NA acquired a new stake in shares of Vonage during the 4th quarter worth $11,863,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

A number of research firms recently weighed in on VG. Summit Redstone restated a “hold” rating on shares of Vonage in a research note on Friday, February 9th. Zacks Investment Research upgraded Vonage from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Saturday, January 6th. 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 note on Wednesday, November 8th. 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 note on Tuesday, November 7th. Finally, Oppenheimer increased their price target on Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Vonage currently has an average rating of “Buy” and an average target price of $10.30.

Vonage (NYSE:VG) opened at $11.47 on Wednesday. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $2,620.00, a price-to-earnings ratio of 127.44, a price-to-earnings-growth ratio of 6.52 and a beta of -0.04. Vonage has a 12-month low of $5.74 and a 12-month high of $11.65.

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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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