Morgan Stanley Increases Vonage (NASDAQ:VG) Price Target to $14.00

Vonage (NASDAQ:VG) had its price target upped by Morgan Stanley from $13.50 to $14.00 in a research note released on Thursday, Analyst Price Targets reports. The brokerage currently has an equal weight rating on the stock.

VG has been the subject of a number of other reports. KeyCorp increased their price target on shares of Vonage from $15.00 to $17.00 and gave the stock an overweight rating in a research note on Thursday, July 22nd. Needham & Company LLC reaffirmed a hold rating on shares of Vonage in a research note on Tuesday, August 31st. Colliers Securities reaffirmed a buy rating and set a $20.00 target price on shares of Vonage in a research note on Thursday, September 2nd. Robert W. Baird reaffirmed a buy rating and set a $19.00 target price on shares of Vonage in a research note on Friday, August 6th. Finally, Zacks Investment Research raised shares of Vonage from a sell rating to a hold rating in a research note on Thursday, August 19th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $16.25.

VG stock opened at $16.23 on Thursday. Vonage has a 1 year low of $9.52 and a 1 year high of $16.65. The company has a market cap of $4.09 billion, a P/E ratio of -162.30, a PEG ratio of 15.24 and a beta of 0.72. The firm has a 50-day moving average of $14.44 and a 200 day moving average of $13.78. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.82 and a quick ratio of 0.82.

Vonage (NASDAQ:VG) last released its quarterly earnings results on Thursday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. Vonage had a negative net margin of 1.84% and a positive return on equity of 7.85%. On average, equities research analysts expect that Vonage will post 0.19 earnings per share for the current fiscal year.

In other news, insider Vinod Lala sold 43,109 shares of Vonage stock in a transaction on Monday, September 13th. The shares were sold at an average price of $16.25, for a total transaction of $700,521.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jeffrey A. Citron sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $15.00, for a total transaction of $750,000.00. Following the sale, the director now owns 8,441,098 shares in the company, valued at $126,616,470. The disclosure for this sale can be found here. Insiders sold 193,109 shares of company stock worth $2,979,186 in the last 90 days. 4.72% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Vonage by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 26,337,306 shares of the company’s stock valued at $379,520,000 after acquiring an additional 1,104,590 shares during the last quarter. Park West Asset Management LLC increased its holdings in Vonage by 12.2% in the 1st quarter. Park West Asset Management LLC now owns 9,000,000 shares of the company’s stock valued at $106,380,000 after acquiring an additional 979,127 shares during the last quarter. State Street Corp increased its holdings in Vonage by 2.6% in the 2nd quarter. State Street Corp now owns 7,796,669 shares of the company’s stock valued at $112,350,000 after acquiring an additional 200,329 shares during the last quarter. Jana Partners LLC bought a new stake in Vonage in the 1st quarter valued at $68,597,000. Finally, Legion Partners Asset Management LLC increased its holdings in Vonage by 0.4% in the 2nd quarter. Legion Partners Asset Management LLC now owns 5,562,125 shares of the company’s stock valued at $80,150,000 after acquiring an additional 24,104 shares during the last quarter. Hedge funds and other institutional investors own 93.75% of the company’s stock.

Vonage Company Profile

Vonage Holdings Corp. engages in the provision of communication services through cloud-connected devices. It operates through the Business and Consumer segments. The Business segment provides cloud-based Unified Communications as a Service (UCaaS) solutions, which comprises of integrated voice, text, video, data, collaboration, and mobile applications over its scalable Session Initiation Protocol based Voice over Internet Protocol network.

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Analyst Recommendations for Vonage (NASDAQ:VG)

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