Needham & Company LLC Raises Vonage (VG) Price Target to $12.00
Vonage (NYSE:VG) had its target price lifted by Needham & Company LLC from $10.00 to $12.00 in a research note published on Monday morning, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.
Other equities research analysts also recently issued reports about the stock. Citigroup reiterated a buy rating and issued a $11.00 price target on shares of Vonage in a research report on Wednesday, November 8th. They noted that the move was a valuation call. Craig Hallum reiterated a buy rating and issued a $11.00 price target (up from $10.00) on shares of Vonage in a research report on Tuesday, November 7th. Robert W. Baird reiterated a buy rating and issued a $9.00 price target on shares of Vonage in a research report on Friday, October 20th. Northland Securities reissued a buy rating and issued a $9.50 price objective on shares of Vonage in a research note on Thursday, October 12th. Finally, Zacks Investment Research raised shares of Vonage from a hold rating to a buy rating and set a $9.75 price objective on the stock in a research note on Saturday, November 11th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Vonage currently has an average rating of Buy and an average price target of $9.94.
Shares of Vonage (NYSE VG) opened at $10.15 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.64 and a quick ratio of 0.63. Vonage has a 1 year low of $5.74 and a 1 year high of $10.49. The firm has a market cap of $2,266.13, a P/E ratio of 45.04, a PEG ratio of 7.03 and a beta of -0.04.
In other Vonage news, Director Jeffrey A. Citron sold 414,913 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were sold at an average price of $8.12, for a total transaction of $3,369,093.56. Following the sale, the director now owns 12,676,047 shares of the company’s stock, valued at $102,929,501.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Edward M. Gilvar sold 17,778 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $9.76, for a total transaction of $173,513.28. Following the sale, the insider now directly owns 29,199 shares in the company, valued at approximately $284,982.24. The disclosure for this sale can be found here. Insiders sold 1,539,123 shares of company stock worth $12,962,492 over the last three months. 14.05% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. World Asset Management Inc bought a new stake in shares of Vonage in the third quarter worth $112,000. Bayesian Capital Management LP bought a new stake in shares of Vonage in the second quarter worth $118,000. Aperio Group LLC grew its stake in shares of Vonage by 2.2% in the second quarter. Aperio Group LLC now owns 20,387 shares of the technology company’s stock worth $133,000 after purchasing an additional 433 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Vonage in the third quarter worth $148,000. Finally, SG Americas Securities LLC grew its stake in shares of Vonage by 108.4% in the second quarter. SG Americas Securities LLC now owns 24,416 shares of the technology company’s stock worth $160,000 after purchasing an additional 12,701 shares during the last quarter. 84.01% of the stock is currently owned by hedge funds and other institutional investors.
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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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