Zacks Investment Research upgraded shares of Vonage Holdings Corp. (NYSE:VG) from a hold rating to a buy rating in a report issued on Thursday morning. They currently have $7.25 target price on the stock.
According to Zacks, “VONAGE HOLDINGS CORP. is a leading provider of digital phone services with over two million subscriber lines. Their award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. They offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services. The Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and popular features like call waiting, call forwarding and voicemail – for one low, flat monthly rate. Vonage’s service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom. “
Several other analysts have also recently issued reports on VG. Dougherty & Co upped their price objective on shares of Vonage Holdings Corp. from $8.00 to $9.00 and gave the company a buy rating in a research note on Monday, September 12th. Summit Redstone reaffirmed a hold rating on shares of Vonage Holdings Corp. in a research note on Wednesday, July 6th. TheStreet raised shares of Vonage Holdings Corp. from a hold rating to a buy rating in a research note on Tuesday, June 14th. FBN Securities reaffirmed an outperform rating on shares of Vonage Holdings Corp. in a research note on Tuesday, August 2nd. Finally, Citigroup Inc. raised shares of Vonage Holdings Corp. from a neutral rating to a buy rating and upped their price objective for the company from $4.75 to $8.00 in a research note on Tuesday, June 14th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of Buy and an average price target of $7.84.
Vonage Holdings Corp. (NYSE:VG) traded down 1.67% during mid-day trading on Thursday, hitting $6.46. 1,505,212 shares of the stock traded hands. The stock has a 50-day moving average price of $6.22 and a 200-day moving average price of $5.35. Vonage Holdings Corp. has a 12 month low of $3.82 and a 12 month high of $7.42. The stock has a market cap of $1.40 billion, a P/E ratio of 90.99 and a beta of 0.74.
Vonage Holdings Corp. (NYSE:VG) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Vonage Holdings Corp. had a net margin of 1.71% and a return on equity of 17.58%. The firm earned $234 million during the quarter, compared to the consensus estimate of $226.48 million. During the same quarter in the prior year, the firm earned $0.09 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Vonage Holdings Corp. will post $0.28 earnings per share for the current year.
In related news, Director Jeffrey A. Citron sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $6.08, for a total transaction of $6,080,000.00. Following the completion of the transaction, the director now owns 12,644,516 shares of the company’s stock, valued at approximately $76,878,657.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurt Rogers sold 313,852 shares of the stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $6.01, for a total transaction of $1,886,250.52. Following the transaction, the insider now directly owns 434,118 shares of the company’s stock, valued at approximately $2,609,049.18. The disclosure for this sale can be found here. Corporate insiders own 14.59% of the company’s stock.
Several institutional investors have recently bought and sold shares of VG. Atria Investments LLC acquired a new stake in Vonage Holdings Corp. during the second quarter worth about $108,000. MAI Capital Management raised its stake in Vonage Holdings Corp. by 21.0% in the second quarter. MAI Capital Management now owns 18,249 shares of the company’s stock worth $111,000 after buying an additional 3,172 shares during the period. Amalgamated Bank raised its stake in Vonage Holdings Corp. by 4.4% in the second quarter. Amalgamated Bank now owns 20,782 shares of the company’s stock worth $117,000 after buying an additional 867 shares during the period. Blair William & Co. IL raised its stake in Vonage Holdings Corp. by 42.3% in the second quarter. Blair William & Co. IL now owns 20,200 shares of the company’s stock worth $123,000 after buying an additional 6,000 shares during the period. Finally, Legal & General Group Plc raised its stake in Vonage Holdings Corp. by 9.6% in the first quarter. Legal & General Group Plc now owns 27,932 shares of the company’s stock worth $127,000 after buying an additional 2,457 shares during the period. 73.59% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.