Vonage Holdings Corp. (NYSE:VG) shares saw strong trading volume on Thursday . 3,503,824 shares changed hands during trading, an increase of 20% from the previous session’s volume of 2,914,752 shares.The stock last traded at $5.98 and had previously closed at $6.03.

Several research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a report on Friday. Summit Redstone reiterated a “hold” rating on shares of Vonage Holdings Corp. in a report on Wednesday, July 6th. Citigroup Inc. reiterated a “buy” rating and set a $8.00 price target on shares of Vonage Holdings Corp. in a report on Thursday, June 30th. Needham & Company LLC upped their price target on shares of Vonage Holdings Corp. from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday, June 28th. Finally, William Blair reiterated a “buy” rating on shares of Vonage Holdings Corp. in a report on Sunday, June 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Vonage Holdings Corp. presently has an average rating of “Buy” and an average price target of $7.01.

The company’s 50 day moving average price is $5.40 and its 200 day moving average price is $4.93. The stock has a market cap of $1.28 billion and a price-to-earnings ratio of 55.37.

Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings results on Thursday, May 5th. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.05. The firm earned $226.82 million during the quarter, compared to the consensus estimate of $227.04 million. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 earnings per share. Equities analysts expect that Vonage Holdings Corp. will post $0.30 EPS for the current fiscal year.

In other news, insider Mcgonigal Graham sold 150,994 shares of Vonage Holdings Corp. stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $5.29, for a total transaction of $798,758.26. Following the completion of the sale, the insider now directly owns 152,023 shares of the company’s stock, valued at approximately $804,201.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan Masarek acquired 126,460 shares of the company’s stock in a transaction dated Friday, May 13th. The shares were bought at an average cost of $3.91 per share, with a total value of $494,458.60. Following the completion of the acquisition, the chief executive officer now directly owns 145,686 shares in the company, valued at approximately $569,632.26. The disclosure for this purchase can be found here.

Several hedge funds recently bought and sold shares of VG. Matarin Capital Management LLC bought a new stake in Vonage Holdings Corp. during the fourth quarter worth about $2,803,000. Redwood Investments LLC bought a new stake in Vonage Holdings Corp. during the fourth quarter worth about $1,724,000. Cornerstone Capital Management Holdings LLC. increased its stake in Vonage Holdings Corp. by 5.3% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 963,864 shares of the company’s stock worth $5,533,000 after buying an additional 48,364 shares in the last quarter. New York State Common Retirement Fund increased its stake in Vonage Holdings Corp. by 30.5% in the fourth quarter. New York State Common Retirement Fund now owns 325,529 shares of the company’s stock worth $1,869,000 after buying an additional 76,102 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Vonage Holdings Corp. by 17.9% in the fourth quarter. California Public Employees Retirement System now owns 662,000 shares of the company’s stock worth $3,800,000 after buying an additional 100,600 shares in the last quarter.

Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and business communication solutions across multiple devices. 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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