Oppenheimer Holdings, Inc. Raises Vonage Holdings Corp. (VG) Price Target to $10.00
Vonage Holdings Corp. (NYSE:VG) had its price target upped by Oppenheimer Holdings, Inc. from $9.00 to $10.00 in a report published on Thursday. The brokerage currently has an outperform rating on the technology company’s stock. Oppenheimer Holdings also issued estimates for Vonage Holdings Corp.’s Q4 2017 earnings at $0.12 EPS, FY2017 earnings at $0.36 EPS and FY2018 earnings at $0.41 EPS.
A number of other research firms have also recently commented on VG. Northland Securities restated a buy rating and issued a $9.50 price objective on shares of Vonage Holdings Corp. in a research report on Tuesday, September 5th. Citigroup Inc. restated a buy rating and issued a $11.00 price objective on shares of Vonage Holdings Corp. in a research report on Wednesday. They noted that the move was a valuation call. BidaskClub upgraded shares of Vonage Holdings Corp. from a hold rating to a buy rating in a research report on Wednesday, August 9th. Robert W. Baird restated a buy rating and issued a $9.00 price objective on shares of Vonage Holdings Corp. in a research report on Friday, October 20th. Finally, FBN Securities cut 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. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of Buy and an average target price of $9.72.
Vonage Holdings Corp. (VG) traded up $0.17 during mid-day trading on Thursday, hitting $8.85. The stock had a trading volume of 1,146,700 shares, compared to its average volume of 1,415,830. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 0.64. The firm has a market cap of $2,023.74, a P/E ratio of 40.23, a P/E/G ratio of 6.40 and a beta of -0.14. Vonage Holdings Corp. has a one year low of $5.74 and a one year high of $9.04.
Vonage Holdings Corp. (NYSE:VG) last posted its quarterly earnings results on Tuesday, November 7th. The technology company reported $0.07 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.07. The company had revenue of $253.10 million for the quarter, compared to the consensus estimate of $249.02 million. Vonage Holdings Corp. had a return on equity of 11.47% and a net margin of 2.14%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 EPS. analysts predict that Vonage Holdings Corp. will post 0.28 EPS for the current year.
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In other news, Director Jeffrey A. Citron sold 414,913 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $8.11, for a total transaction of $3,364,944.43. Following the completion of the transaction, the director now directly owns 12,670,751 shares in the company, valued at approximately $102,759,790.61. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jeffrey A. Citron sold 138,303 shares of the stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $8.15, for a total transaction of $1,127,169.45. Following the transaction, the director now owns 12,676,047 shares of the company’s stock, valued at $103,309,783.05. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,581,392 shares of company stock valued at $12,777,047. Company insiders own 14.05% of the company’s stock.
A number of large investors have recently modified their holdings of VG. UBS Asset Management Americas Inc. lifted its stake in Vonage Holdings Corp. by 33.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 109,911 shares of the technology company’s stock valued at $695,000 after purchasing an additional 27,825 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Vonage Holdings Corp. in the 1st quarter valued at about $126,000. FMR LLC lifted its stake in Vonage Holdings Corp. by 22.3% in the 1st quarter. FMR LLC now owns 3,729,255 shares of the technology company’s stock valued at $23,569,000 after purchasing an additional 678,943 shares during the last quarter. Legal & General Group Plc lifted its stake in Vonage Holdings Corp. by 30.7% in the 1st quarter. Legal & General Group Plc now owns 60,026 shares of the technology company’s stock valued at $378,000 after purchasing an additional 14,089 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Vonage Holdings Corp. by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 19,739,952 shares of the technology company’s stock valued at $124,757,000 after purchasing an additional 1,741,500 shares during the last quarter. Institutional investors and hedge funds own 78.66% 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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