Vonage Holdings Corp. (VG) Trading Up 6.1%
Vonage Holdings Corp. (NYSE:VG) shares were up 6.1% during trading on Monday . The company traded as high as $6.04 and last traded at $5.95, with a volume of 3,810,149 shares changing hands. The stock had previously closed at $5.61.
A number of research analysts have commented on VG shares. Zacks Investment Research lowered Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a research report on Friday, July 15th. Citigroup Inc. raised Vonage Holdings Corp. from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.75 to $8.00 in a research report on Tuesday, June 14th. William Blair reissued an “outperform” rating on shares of Vonage Holdings Corp. in a research report on Wednesday, August 3rd. Needham & Company LLC increased their target price on Vonage Holdings Corp. from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Tuesday, June 28th. Finally, Oppenheimer Holdings Inc. increased their target price on Vonage Holdings Corp. from $6.50 to $7.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $7.19.
The firm has a 50 day moving average of $5.85 and a 200-day moving average of $5.02. The company has a market cap of $1.31 billion and a P/E ratio of 85.35.
Vonage Holdings Corp. (NYSE:VG) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.01. During the same quarter in the prior year, the business posted $0.09 EPS. The company earned $234 million during the quarter, compared to analysts’ expectations of $226.48 million. The company’s revenue was up 5.3% on a year-over-year basis. Analysts forecast that Vonage Holdings Corp. will post $0.28 earnings per share for the current fiscal year.
In other news, insider Mcgonigal Graham sold 150,994 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $5.29, for a total transaction of $798,758.26. Following the transaction, the insider now owns 152,023 shares of the company’s stock, valued at $804,201.67. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey A. Citron sold 101,640 shares of the company’s stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $6.04, for a total value of $613,905.60. Following the transaction, the director now directly owns 12,644,516 shares in the company, valued at approximately $76,372,876.64. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. Matarin Capital Management LLC acquired a new position in Vonage Holdings Corp. during the fourth quarter worth approximately $2,803,000. Redwood Investments LLC acquired a new position in Vonage Holdings Corp. during the fourth quarter worth approximately $1,724,000. California Public Employees Retirement System boosted its position 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. Rhumbline Advisers boosted its position in Vonage Holdings Corp. by 3.8% in the fourth quarter. Rhumbline Advisers now owns 257,394 shares of the company’s stock worth $1,477,000 after buying an additional 9,325 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its position in Vonage Holdings Corp. by 1.4% in the fourth quarter. Nationwide Fund Advisors now owns 196,521 shares of the company’s stock worth $1,128,000 after buying an additional 2,770 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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