Vonage Holdings Corp. (VG) Earns “Buy” Rating from Robert W. Baird
Vonage Holdings Corp. (NYSE:VG)‘s stock had its “buy” rating restated by Robert W. Baird in a research report issued to clients and investors on Friday. They currently have a $9.00 target price on the technology company’s stock. Robert W. Baird’s price target suggests a potential upside of 8.43% from the company’s current price.
VG has been the subject of a number of other research reports. Dougherty & Co cut their price objective on shares of Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating for the company in a research report on Friday, August 4th. Zacks Investment Research lowered shares of Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. William Blair reaffirmed an “outperform” rating on shares of Vonage Holdings Corp. in a research report on Wednesday, May 24th. FBN Securities lowered shares of Vonage Holdings Corp. from an “outperform” rating to a “sector perform” rating and set a $8.70 price objective for the company. in a research report on Thursday, August 10th. Finally, BidaskClub raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $8.59.
Vonage Holdings Corp. (NYSE:VG) opened at 8.30 on Friday. Vonage Holdings Corp. has a 1-year low of $5.65 and a 1-year high of $8.50. The firm has a market capitalization of $1.89 billion, a P/E ratio of 103.75 and a beta of -0.01. The company has a 50-day moving average price of $7.47 and a 200-day moving average price of $6.76.
Vonage Holdings Corp. (NYSE:VG) last released its earnings results on Thursday, August 3rd. The technology company reported $0.06 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.06. The firm had revenue of $252 million during the quarter, compared to analyst estimates of $242.05 million. Vonage Holdings Corp. had a net margin of 2.00% and a return on equity of 12.40%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.08 EPS. On average, equities research analysts predict that Vonage Holdings Corp. will post $0.27 earnings per share for the current fiscal year.
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In related news, CFO David T. Pearson sold 198,350 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $8.07, for a total value of $1,600,684.50. Following the sale, the chief financial officer now owns 216,119 shares of the company’s stock, valued at $1,744,080.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David T. Pearson sold 666,666 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $7.00, for a total transaction of $4,666,662.00. Following the completion of the sale, the chief financial officer now directly owns 948,241 shares in the company, valued at approximately $6,637,687. The disclosure for this sale can be found here. Insiders have sold 4,361,509 shares of company stock valued at $31,121,254 in the last ninety days. 14.05% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new stake in Vonage Holdings Corp. during the second quarter worth $582,000. Verition Fund Management LLC acquired a new stake in Vonage Holdings Corp. during the second quarter worth $776,000. The Manufacturers Life Insurance Company boosted its stake in Vonage Holdings Corp. by 4.1% in the second quarter. The Manufacturers Life Insurance Company now owns 153,445 shares of the technology company’s stock worth $1,004,000 after buying an additional 6,103 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Vonage Holdings Corp. by 278.0% in the second quarter. Cubist Systematic Strategies LLC now owns 137,594 shares of the technology company’s stock worth $900,000 after buying an additional 101,194 shares during the last quarter. Finally, Southpoint Capital Advisors LP acquired a new stake in Vonage Holdings Corp. during the second quarter worth $27,468,000. 79.68% of the stock is currently owned by institutional investors and hedge funds.
Vonage Holdings Corp. Company Profile
Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and communication solutions across multiple devices. The Company operates through two segments: Business and Consumer. 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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