A number of other equities research analysts have also recently commented on VG. Zacks Investment Research cut Vonage Holdings Corp. from a hold rating to a sell rating in a research report on Friday, July 15th. Citigroup Inc. upgraded Vonage Holdings Corp. from a neutral rating to a buy rating and raised their target price for the company from $4.75 to $8.00 in a research report on Tuesday, June 14th. Dougherty & Co raised their target price on Vonage Holdings Corp. from $8.00 to $9.00 and gave the company a buy rating in a research report on Monday, September 12th. William Blair reiterated an outperform rating on shares of Vonage Holdings Corp. in a report on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. lifted their price objective on Vonage Holdings Corp. from $6.50 to $7.00 and gave the stock an outperform rating in a report on Wednesday, August 3rd. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Vonage Holdings Corp. has an average rating of Buy and an average target price of $7.50.
Shares of Vonage Holdings Corp. (NYSE:VG) opened at 6.64 on Wednesday. Vonage Holdings Corp. has a 12 month low of $3.82 and a 12 month high of $7.42. The firm’s 50-day moving average price is $6.16 and its 200-day moving average price is $5.32. The stock has a market capitalization of $1.44 billion, a P/E ratio of 93.52 and a beta of 0.73.
Vonage Holdings Corp. (NYSE:VG) last announced 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. The company had revenue of $234 million for 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 firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. On average, equities research analysts forecast that Vonage Holdings Corp. will post $0.28 EPS for the current year.
In other Vonage Holdings Corp. news, Director Jeffrey A. Citron sold 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $6.45, for a total value of $3,225,000.00. Following the transaction, the director now directly owns 12,644,516 shares of the company’s stock, valued at approximately $81,557,128.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $1,886,250.52. Following the completion of the transaction, the insider now directly owns 434,118 shares in the company, valued at $2,609,049.18. The disclosure for this sale can be found here. 14.59% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VG. Virginia Retirement System acquired a new position in Vonage Holdings Corp. during the first quarter worth $284,000. Pacad Investment Ltd. raised its stake in Vonage Holdings Corp. by 487.9% in the first quarter. Pacad Investment Ltd. now owns 141,100 shares of the company’s stock valued at $645,000 after buying an additional 117,100 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake 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 valued at $8,386,000 after buying an additional 133,061 shares during the last quarter. Prudential Financial Inc. raised its stake in Vonage Holdings Corp. by 105.9% in the first quarter. Prudential Financial Inc. now owns 472,355 shares of the company’s stock valued at $2,158,000 after buying an additional 242,898 shares during the last quarter. Finally, Algert Global LLC raised its stake in Vonage Holdings Corp. by 40.4% in the first quarter. Algert Global LLC now owns 181,430 shares of the company’s stock valued at $829,000 after buying an additional 52,190 shares during the last quarter. 73.59% of the stock is currently owned by institutional investors and hedge funds.
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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