Northland Securities Reiterates Buy Rating for Vonage Holdings Corp. (VG)
Vonage Holdings Corp. (NYSE:VG)‘s stock had its “buy” rating reaffirmed by equities researchers at Northland Securities in a research report issued on Tuesday. They presently have a $9.50 target price on the technology company’s stock. Northland Securities’ target price indicates a potential upside of 17.72% from the stock’s previous close.
Several other research firms also recently commented on VG. FBN Securities downgraded Vonage Holdings Corp. from an “outperform” rating to a “sector perform” rating and set a $8.70 price objective for the company. in a report on Thursday, August 10th. Robert W. Baird restated a “buy” rating and set a $9.00 price objective on shares of Vonage Holdings Corp. in a report on Friday, September 1st. BidaskClub upgraded Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. Dougherty & Co decreased their price objective on Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating for the company in a report on Friday, August 4th. Finally, William Blair restated an “outperform” rating on shares of Vonage Holdings Corp. in a report on Wednesday, May 24th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $8.74.
Shares of Vonage Holdings Corp. (VG) opened at 8.07 on Tuesday. The company has a market capitalization of $1.83 billion, a PE ratio of 100.88 and a beta of -0.09. The stock has a 50 day moving average price of $7.65 and a 200-day moving average price of $6.80. Vonage Holdings Corp. has a 52 week low of $5.65 and a 52 week high of $8.50.
Vonage Holdings Corp. (NYSE:VG) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.06 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. The firm had revenue of $252 million during the quarter, compared to the consensus estimate of $242.05 million. Vonage Holdings Corp. had a return on equity of 4.17% and a net margin of 1.92%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.08 earnings per share. Equities research analysts expect that Vonage Holdings Corp. will post $0.27 EPS for the current year.
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In related news, CFO David T. Pearson sold 666,667 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $7.02, for a total transaction of $4,680,002.34. Following the completion of the sale, the chief financial officer now owns 948,241 shares in the company, valued at $6,656,651.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David T. Pearson sold 666,666 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $7.00, for a total value of $4,666,662.00. Following the sale, the chief financial officer now owns 948,241 shares of the company’s stock, 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 quarter. 14.05% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in VG. Dynamic Technology Lab Private Ltd bought a new position in Vonage Holdings Corp. in the 2nd quarter valued at $582,000. Verition Fund Management LLC bought a new position in Vonage Holdings Corp. in the 2nd quarter valued at $776,000. The Manufacturers Life Insurance Company grew its stake in Vonage Holdings Corp. by 4.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 153,445 shares of the technology company’s stock valued at $1,004,000 after purchasing an additional 6,103 shares during the period. Cubist Systematic Strategies LLC grew its stake in Vonage Holdings Corp. by 278.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 137,594 shares of the technology company’s stock valued at $900,000 after purchasing an additional 101,194 shares during the period. Finally, Southpoint Capital Advisors LP bought a new position in Vonage Holdings Corp. in the 2nd quarter valued at $27,468,000. Institutional investors and hedge funds own 79.82% 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 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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