Vonage Holdings Corp. (NYSE:VG) had its target price boosted by investment analysts at Needham & Company LLC from $8.00 to $9.00 in a research note issued to investors on Monday. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 35.54% from the stock’s previous close.
Other analysts also recently issued research reports about the company. Citigroup Inc. reiterated a “buy” rating and set a $8.00 price target on shares of Vonage Holdings Corp. in a research report on Thursday, June 30th. William Blair reissued a “buy” rating on shares of Vonage Holdings Corp. in a report on Sunday, June 26th. TheStreet raised Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Vonage Holdings Corp. in a report on Wednesday, June 8th. Finally, Dougherty & Co raised their price objective on Vonage Holdings Corp. from $6.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $7.50.
Shares of Vonage Holdings Corp. (NYSE:VG) opened at 6.64 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 50-day moving average price of $6.06 and a 200 day moving average price of $5.26. The company has a market capitalization of $1.44 billion, a PE ratio of 93.52 and a beta of 1.05.
Vonage Holdings Corp. (NYSE:VG) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.01. The firm earned $234 million during the quarter, compared to the consensus estimate of $226.48 million. Vonage Holdings Corp. had a return on equity of 17.58% and a net margin of 1.71%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS. Equities analysts anticipate that Vonage Holdings Corp. will post $0.28 EPS for the current year.
In other news, Director Jeffrey A. Citron sold 101,640 shares of Vonage Holdings Corp. stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $6.04, for a total value of $613,905.60. Following the sale, the director now directly owns 12,644,516 shares in the company, valued at approximately $76,372,876.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jeffrey A. Citron sold 500,000 shares of Vonage Holdings Corp. stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $6.45, for a total value of $3,225,000.00. Following the completion of the sale, the director now owns 12,644,516 shares in the company, valued at $81,557,128.20. The disclosure for this sale can be found here. 14.59% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in shares of Vonage Holdings Corp. during the first quarter worth $3,175,000. Virginia Retirement System acquired a new stake in shares of Vonage Holdings Corp. during the first quarter worth $284,000. Pacad Investment Ltd. raised its stake in shares of 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 raised its stake in shares of 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. raised its stake in shares of 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.
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