Millrace Asset Group Inc. Lowers Stock Holdings in Vonage Holdings Corp. (NASDAQ:VG)

Millrace Asset Group Inc. reduced its position in Vonage Holdings Corp. (NASDAQ:VG) by 45.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 108,595 shares of the company’s stock after selling 91,877 shares during the period. Millrace Asset Group Inc.’s holdings in Vonage were worth $1,284,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in VG. Amundi Pioneer Asset Management Inc. grew its stake in Vonage by 19.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 94,576 shares of the company’s stock worth $950,000 after acquiring an additional 15,500 shares during the period. Comerica Bank boosted its holdings in shares of Vonage by 1.5% in the 4th quarter. Comerica Bank now owns 245,001 shares of the company’s stock valued at $3,300,000 after purchasing an additional 3,693 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new position in shares of Vonage in the 4th quarter valued at $1,389,000. California Public Employees Retirement System boosted its holdings in shares of Vonage by 2.8% in the 4th quarter. California Public Employees Retirement System now owns 548,032 shares of the company’s stock valued at $7,056,000 after purchasing an additional 14,730 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of Vonage in the 4th quarter valued at $131,000. 91.73% of the stock is owned by hedge funds and other institutional investors.

VG has been the topic of a number of research analyst reports. Summit Insights reiterated a “hold” rating on shares of Vonage in a report on Thursday, February 18th. Oppenheimer initiated coverage on shares of Vonage in a report on Thursday, February 18th. They issued a “buy” rating and a $14.00 price target on the stock. Zacks Investment Research upgraded shares of Vonage from a “sell” rating to a “hold” rating in a report on Saturday, February 20th. Citigroup lifted their target price on shares of Vonage from $15.00 to $16.00 in a report on Friday, March 5th. Finally, Needham & Company LLC lifted their target price on shares of Vonage from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, February 19th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Vonage has a consensus rating of “Buy” and a consensus target price of $14.25.

Vonage stock traded up $0.03 during midday trading on Friday, hitting $14.62. 42,835 shares of the stock were exchanged, compared to its average volume of 2,957,920. Vonage Holdings Corp. has a 1 year low of $8.93 and a 1 year high of $15.72. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -112.38, a P/E/G ratio of 11.87 and a beta of 0.68. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50 day simple moving average of $13.38.

Vonage (NASDAQ:VG) last released its quarterly earnings results on Thursday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.05. Vonage had a negative net margin of 2.56% and a positive return on equity of 7.73%. The firm had revenue of $332.90 million for the quarter, compared to the consensus estimate of $317.14 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. On average, equities research analysts anticipate that Vonage Holdings Corp. will post 0.23 EPS for the current fiscal year.

Vonage Company Profile

Vonage Holdings Corp. primarily operates as a business-to-business cloud communications company in the United States, Canada, the United Kingdom, the European Union, and Asia. It operates in two segments, Vonage Communications Platform and Consumer. The Vonage Communications Platform segment offers programmable, embeddable, and customizable application program interfaces that enable software developers to build communications capabilities, such as messaging and voice calling within their applications; and Vonage Contact Center, a cloud contact center solution.

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Institutional Ownership by Quarter for Vonage (NASDAQ:VG)

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