Vonage (VG) Announces Earnings Results
Vonage (NYSE:VG) posted its quarterly earnings data on Wednesday. The technology company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01), Bloomberg Earnings reports. Vonage had a net margin of 2.14% and a return on equity of 11.47%. The firm had revenue of $254.00 million for the quarter, compared to analysts’ expectations of $254.19 million. During the same period in the prior year, the company posted $0.03 earnings per share. Vonage’s quarterly revenue was up 2.9% compared to the same quarter last year.
Shares of Vonage (VG) traded down $1.67 on Wednesday, hitting $9.80. The stock had a trading volume of 4,287,020 shares, compared to its average volume of 1,692,015. The firm has a market cap of $2,558.83, a P/E ratio of 50.86, a price-to-earnings-growth ratio of 6.52 and a beta of -0.04. Vonage has a one year low of $5.74 and a one year high of $11.65. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.51.
VG has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective (up from $9.50) on shares of Vonage in a research note on Wednesday, November 8th. Citigroup reaffirmed a “buy” rating and set a $11.00 price objective 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 set a $11.00 price objective (up from $10.00) on shares of Vonage in a research note on Tuesday, November 7th. Zacks Investment Research raised shares of Vonage from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research note on Saturday, November 11th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $11.00 price objective on shares of Vonage in a research note on Wednesday, January 3rd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $10.30.
Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Vonage by 87.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,788 shares of the technology company’s stock worth $100,000 after buying an additional 4,569 shares during the last quarter. LS Investment Advisors LLC increased its holdings in Vonage by 83.5% in the fourth quarter. LS Investment Advisors LLC now owns 12,490 shares of the technology company’s stock worth $127,000 after buying an additional 5,683 shares during the last quarter. Bank of Montreal Can increased its holdings in Vonage by 103.4% in the fourth quarter. Bank of Montreal Can now owns 12,948 shares of the technology company’s stock worth $131,000 after buying an additional 6,581 shares during the last quarter. World Asset Management Inc acquired a new position in Vonage in the third quarter worth approximately $112,000. Finally, Fortaleza Asset Management Inc. acquired a new position in Vonage in the fourth quarter worth approximately $142,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.
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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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