Vonage Holdings Corp. (NYSE:VG) had its price objective raised by Needham & Company LLC from $8.00 to $9.00 in a research note issued to investors on Monday. They currently have a buy rating on the stock.
A number of other equities analysts have also recently commented on VG. William Blair restated a buy rating on shares of Vonage Holdings Corp. in a report on Sunday, June 26th. Citigroup Inc. reaffirmed a buy rating and issued a $8.00 price target on shares of Vonage Holdings Corp. in a research report on Thursday, June 30th. FBN Securities reaffirmed an outperform rating on shares of Vonage Holdings Corp. in a research report on Tuesday, August 2nd. TheStreet raised Vonage Holdings Corp. from a hold rating to a buy rating in a research report on Tuesday, June 14th. Finally, Dougherty & Co increased their price target on Vonage Holdings Corp. from $6.00 to $8.00 and gave the company a buy rating in a research report on Wednesday, August 3rd. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $7.50.
Vonage Holdings Corp. (NYSE:VG) opened at 6.74 on Monday. Vonage Holdings Corp. has a one year low of $3.82 and a one year high of $7.42. The company has a market capitalization of $1.46 billion, a P/E ratio of 94.93 and a beta of 1.05. The firm has a 50-day moving average of $6.08 and a 200-day moving average of $5.27.
Vonage Holdings Corp. (NYSE:VG) last announced its earnings results on Tuesday, August 2nd. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Vonage Holdings Corp. had a return on equity of 17.58% and a net margin of 1.71%. The company earned $234 million during the quarter, compared to analysts’ expectations of $226.48 million. During the same period last year, the business posted $0.09 EPS. Vonage Holdings Corp.’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts anticipate that Vonage Holdings Corp. will post $0.28 earnings per share for the current year.
In related news, Director Jeffrey A. Citron sold 101,640 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $6.04, for a total transaction of $613,905.60. Following the transaction, the director now owns 12,644,516 shares in the company, valued at approximately $76,372,876.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kurt Rogers sold 313,852 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $6.01, for a total value of $1,886,250.52. Following the transaction, the insider now owns 434,118 shares in the company, valued at approximately $2,609,049.18. The disclosure for this sale can be found here. Insiders own 14.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in Vonage Holdings Corp. during the first quarter worth about $3,175,000. Virginia Retirement System purchased a new position in Vonage Holdings Corp. during the first quarter worth about $284,000. Pacad Investment Ltd. increased its position in Vonage Holdings Corp. by 487.9% in the first quarter. Pacad Investment Ltd. now owns 141,100 shares of the company’s stock worth $645,000 after buying an additional 117,100 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in Vonage Holdings Corp. by 7.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,834,985 shares of the company’s stock worth $8,386,000 after buying an additional 133,061 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in Vonage Holdings Corp. by 105.9% in the first quarter. Prudential Financial Inc. now owns 472,355 shares of the company’s stock worth $2,158,000 after buying an additional 242,898 shares in the last quarter. Hedge funds and other institutional investors own 73.59% of the company’s stock.
About Vonage Holdings Corp.
Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and business communication solutions across multiple devices. 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.
Receive News & Ratings for Vonage Holdings Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vonage Holdings Corp. and related companies with MarketBeat.com's FREE daily email newsletter.