Vonage (NYSE:VG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm presently has a $11.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.11% from the stock’s current price.

According to Zacks, “Vonage is redefining communications by offering consumers and small businesses an affordable alternative to traditional telephone service. The fastest growing telephony company in North America, Vonage’s service area encompasses more than 2000 active rate centers in over 130 global markets. Vonage is sold directly through their website and retail partners such as SAM’s Club, Amazon.com, RadioShack, Best Buy, Circuit City, Staples, Fry’s Electronics and Office Depot. Wholesale partners such as EarthLink, ARMSTRONG(R), Advanced Cable Communications and the Coldwater Board of Public Utilities resell the Vonage broadband phone service under their own unique brands. With more than 300,000 lines in service, Vonage continues to add more than 30,000 lines per month to its network. Over 10 million calls per week are made using Vonage, the easy-to-use, feature-rich, flat rate phone service. “

Other analysts have also recently issued reports about the company. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective (up from $9.50) on shares of Vonage in a research report on Wednesday, November 8th. Citigroup reaffirmed a “buy” rating and issued a $11.00 price target on shares of Vonage in a research note on Wednesday, November 8th. They noted that the move was a valuation call. Craig Hallum reaffirmed a “buy” rating and issued a $11.00 price target (up previously from $10.00) on shares of Vonage in a research note on Tuesday, November 7th. Robert W. Baird reaffirmed a “buy” rating and issued a $9.00 price target on shares of Vonage in a research note on Friday, October 20th. Finally, Northland Securities reaffirmed a “buy” rating and issued a $9.50 price target on shares of Vonage in a research note on Thursday, October 12th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $10.30.

Vonage (NYSE VG) opened at $9.99 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $2,284.43, a P/E ratio of 124.89, a price-to-earnings-growth ratio of 5.88 and a beta of -0.05. Vonage has a 1 year low of $5.74 and a 1 year high of $10.56.

Vonage (NYSE:VG) last issued its quarterly earnings results on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, hitting the Thomson Reuters’ 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 had a return on equity of 11.47% and a net margin of 2.14%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 EPS. equities analysts anticipate that Vonage will post 0.28 earnings per share for the current year.

In other Vonage news, Director Jeffrey A. Citron sold 414,916 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $10.18, for a total value of $4,223,844.88. Following the transaction, the director now owns 10,676,047 shares of the company’s stock, valued at $108,682,158.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 value of $173,513.28. Following the completion of the transaction, 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. In the last three months, insiders sold 1,677,429 shares of company stock worth $15,273,575. Insiders own 14.05% of the company’s stock.

A number of institutional investors have recently bought and sold shares of VG. Southpoint Capital Advisors LP acquired a new position in Vonage in the second quarter worth $27,468,000. SQN Investors LP boosted its stake in Vonage by 111.0% in the second quarter. SQN Investors LP now owns 5,647,830 shares of the technology company’s stock worth $36,937,000 after purchasing an additional 2,970,716 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Vonage by 3,438.4% in the third quarter. Principal Financial Group Inc. now owns 1,594,420 shares of the technology company’s stock worth $12,979,000 after purchasing an additional 1,549,359 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Vonage by 103.5% during the third quarter. Bank of New York Mellon Corp now owns 2,674,457 shares of the technology company’s stock valued at $21,769,000 after acquiring an additional 1,360,141 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Vonage by 269.5% during the third quarter. Ameriprise Financial Inc. now owns 1,441,286 shares of the technology company’s stock valued at $11,733,000 after acquiring an additional 1,051,190 shares during the period. 83.99% of the stock is currently owned by institutional investors.

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About Vonage

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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