Vonage Holdings Corp. (VG) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Vonage Holdings Corp. (NYSE:VG) from a hold rating to a buy rating in a research note released 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. “
A number of other equities research analysts have also issued reports on the company. Citigroup Inc. upgraded Vonage Holdings Corp. from a neutral rating to a buy rating and increased their price target for the stock from $4.75 to $8.00 in a research note on Tuesday, June 14th. Dougherty & Co increased their price target on Vonage Holdings Corp. from $8.00 to $9.00 and gave the stock a buy rating in a research note on Monday, September 12th. William Blair reiterated an outperform rating on shares of Vonage Holdings Corp. in a research note on Wednesday, August 3rd. TheStreet lowered Vonage Holdings Corp. from a buy rating to a hold rating in a research note on Wednesday, September 28th. Finally, Oppenheimer Holdings Inc. increased their price target on Vonage Holdings Corp. from $6.50 to $7.00 and gave the stock an outperform rating in a research note on Wednesday, August 3rd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $7.84.
Shares of Vonage Holdings Corp. (NYSE:VG) traded down 1.67% during midday trading on Thursday, reaching $6.46. The company’s stock had a trading volume of 1,505,212 shares. The company’s 50-day moving average price is $6.22 and its 200-day moving average price is $5.35. The company has a market cap of $1.40 billion, a PE ratio of 90.99 and a beta of 0.74. Vonage Holdings Corp. has a 12 month low of $3.82 and a 12 month high of $7.42.
Vonage Holdings Corp. (NYSE:VG) last announced its earnings results on Tuesday, August 2nd. The company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate 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 had revenue of $234 million for the quarter, compared to analysts’ expectations of $226.48 million. During the same period last year, the firm earned $0.09 EPS. Vonage Holdings Corp.’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Vonage Holdings Corp. will post $0.28 EPS for the current fiscal year.
In other Vonage Holdings Corp. news, Director Jeffrey A. Citron sold 101,640 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $6.04, for a total value of $613,905.60. Following the completion of the sale, the director now owns 12,644,516 shares of the company’s stock, valued at $76,372,876.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kurt Rogers sold 313,852 shares of the firm’s stock in a transaction dated 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 sale, 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. 14.59% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Emerald Advisers Inc. PA increased its stake in Vonage Holdings Corp. by 1.4% in the second quarter. Emerald Advisers Inc. PA now owns 4,850,651 shares of the company’s stock valued at $29,589,000 after buying an additional 65,410 shares in the last quarter. First Trust Advisors LP increased its stake in Vonage Holdings Corp. by 7.8% in the second quarter. First Trust Advisors LP now owns 5,406,144 shares of the company’s stock valued at $32,977,000 after buying an additional 388,950 shares in the last quarter. Chartwell Investment Partners LLC bought a new stake in Vonage Holdings Corp. during the second quarter valued at $4,109,000. Princeton Alpha Management LP increased its stake in Vonage Holdings Corp. by 210.0% in the second quarter. Princeton Alpha Management LP now owns 86,694 shares of the company’s stock valued at $529,000 after buying an additional 58,725 shares in the last quarter. Finally, Prudential Financial Inc. increased 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 in the last quarter. 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.
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