BlackRock Inc. Raises Stake in Vonage Holdings Corp. (NYSE:VG)

BlackRock Inc. raised its position in Vonage Holdings Corp. (NYSE:VG) by 36,952.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,753,734 shares of the technology company’s stock after buying an additional 15,711,217 shares during the period. BlackRock Inc. owned about 7.17% of Vonage Holdings Corp. worth $99,564,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Vonage Holdings Corp. during the fourth quarter valued at $19,387,000. Parametrica Management Ltd purchased a new position in Vonage Holdings Corp. during the first quarter valued at $143,000. Perkins Capital Management Inc. purchased a new position in Vonage Holdings Corp. during the first quarter valued at $239,000. Quantitative Systematic Strategies LLC purchased a new position in Vonage Holdings Corp. during the first quarter valued at $105,000. Finally, Profund Advisors LLC increased its position in Vonage Holdings Corp. by 21.5% in the first quarter. Profund Advisors LLC now owns 136,077 shares of the technology company’s stock valued at $860,000 after buying an additional 24,122 shares during the period. Institutional investors and hedge funds own 77.35% of the company’s stock.

Shares of Vonage Holdings Corp. (NYSE VG) traded down 0.827% on Wednesday, reaching $6.595. 210,508 shares of the company were exchanged. The stock has a market capitalization of $1.46 billion and a P/E ratio of 108.115. Vonage Holdings Corp. has a 12 month low of $5.43 and a 12 month high of $7.88. The stock has a 50 day moving average price of $6.63 and a 200-day moving average price of $6.59.

Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.06 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.06. Vonage Holdings Corp. had a net margin of 1.63% and a return on equity of 13.56%. The business had revenue of $243.30 million for the quarter, compared to the consensus estimate of $242.40 million. During the same period last year, the company posted $0.11 EPS. Vonage Holdings Corp.’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities analysts expect that Vonage Holdings Corp. will post $0.27 EPS for the current fiscal year.

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VG has been the topic of several analyst reports. Zacks Investment Research raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Wednesday, April 19th. William Blair reissued a “buy” rating on shares of Vonage Holdings Corp. in a research report on Thursday, May 4th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $8.15.

In related news, Director Jeffrey A. Citron sold 414,913 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $6.77, for a total transaction of $2,808,961.01. Following the completion of the sale, the director now directly owns 12,664,157 shares of the company’s stock, valued at approximately $85,736,342.89. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David T. Pearson sold 2,000,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $7.00, for a total value of $14,000,000.00. Following the sale, the chief financial officer now directly owns 948,241 shares of the company’s stock, valued at $6,637,687. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,069,375 shares of company stock valued at $28,295,719. 14.05% of the stock is owned by company insiders.

About Vonage Holdings Corp.

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.