Convergence Investment Partners LLC Acquires New Position in Vonage Holdings Corp. (VG)

Convergence Investment Partners LLC acquired a new stake in Vonage Holdings Corp. (NYSE:VG) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 80,089 shares of the technology company’s stock, valued at approximately $815,000.

Other large investors also recently added to or reduced their stakes in the company. World Asset Management Inc bought a new stake in shares of Vonage in the third quarter valued at about $112,000. Bayesian Capital Management LP bought a new stake in shares of Vonage in the second quarter valued at about $118,000. CIBC Asset Management Inc bought a new stake in shares of Vonage in the third quarter valued at about $148,000. SG Americas Securities LLC boosted its position in shares of Vonage by 108.4% in the second quarter. SG Americas Securities LLC now owns 24,416 shares of the technology company’s stock valued at $160,000 after acquiring an additional 12,701 shares during the period. Finally, Amalgamated Bank boosted its position in shares of Vonage by 11.7% in the second quarter. Amalgamated Bank now owns 26,757 shares of the technology company’s stock valued at $175,000 after acquiring an additional 2,805 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

In other news, Director Jeffrey A. Citron sold 514,913 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $10.37, for a total value of $5,339,647.81. Following the completion of the transaction, the director now owns 10,680,286 shares of the company’s stock, valued at $110,754,565.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey A. Citron sold 238,303 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $10.07, for a total value of $2,399,711.21. Following the completion of the transaction, the director now directly owns 10,680,286 shares of the company’s stock, valued at approximately $107,550,480.02. The disclosure for this sale can be found here. Insiders sold 1,877,429 shares of company stock valued at $18,516,671 in the last three months. Company insiders own 14.05% of the company’s stock.

Vonage Holdings Corp. (NYSE:VG) traded up $0.14 during mid-day trading on Friday, hitting $10.51. 1,630,000 shares of the stock were exchanged, compared to its average volume of 1,590,000. The company has a market capitalization of $2,390.00, a PE ratio of 116.78, a P/E/G ratio of 6.18 and a beta of -0.04. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.64 and a quick ratio of 0.63. Vonage Holdings Corp. has a 52-week low of $5.74 and a 52-week high of $11.32.

Several research firms recently weighed in on VG. Zacks Investment Research raised shares of Vonage from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research report on Saturday, November 11th. Robert W. Baird reaffirmed a “buy” rating on shares of Vonage in a research report on Friday, November 17th. Needham & Company LLC upped their price objective on shares of Vonage from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Monday, December 11th. Citigroup reaffirmed a “buy” rating and set a $11.00 price objective on shares of Vonage in a research report on Wednesday, November 8th. They noted that the move was a valuation call. Finally, Oppenheimer upped their price objective on shares of Vonage from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $10.30.

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Vonage 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.

Institutional Ownership by Quarter for Vonage (NYSE:VG)

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