Vonage Holdings Corp. (VG) Sees Unusually-High Trading Volume
Vonage Holdings Corp. (NYSE:VG) shares saw strong trading volume on Tuesday . 3,139,208 shares changed hands during mid-day trading, an increase of 5% from the previous session’s volume of 2,988,583 shares.The stock last traded at $6.03 and had previously closed at $6.06.
A number of equities research analysts have issued reports on the company. William Blair reaffirmed a “buy” rating on shares of Vonage Holdings Corp. in a research report on Sunday, June 26th. Oppenheimer Holdings Inc. increased their price target on Vonage Holdings Corp. from $6.50 to $7.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Summit Redstone reaffirmed a “hold” rating on shares of Vonage Holdings Corp. in a research report on Wednesday, July 6th. Zacks Investment Research lowered Vonage Holdings Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Finally, Dougherty & Co increased their price target on Vonage Holdings Corp. from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $7.19.
The stock has a market cap of $1.28 billion and a P/E ratio of 83.52. The company has a 50-day moving average of $5.87 and a 200-day moving average of $5.03.
Vonage Holdings Corp. (NYSE:VG) last announced its earnings results on Tuesday, August 2nd. The company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.01. The company earned $234 million during the quarter, compared to analyst estimates of $226.48 million. Vonage Holdings Corp.’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. On average, equities research analysts expect that Vonage Holdings Corp. will post $0.28 EPS for the current year.
In other Vonage Holdings Corp. news, insider Mcgonigal Graham sold 150,994 shares of the business’s stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $5.29, for a total transaction of $798,758.26. Following the sale, the insider now directly owns 152,023 shares of the company’s stock, valued at approximately $804,201.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Citron sold 101,640 shares of the business’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $6.04, for a total transaction of $613,905.60. Following the sale, the director now directly owns 12,644,516 shares in the company, valued at $76,372,876.64. The disclosure for this sale can be found here.
A number of large investors have modified their holdings of VG. Rhumbline Advisers boosted its stake in shares of Vonage Holdings Corp. by 3.8% in the fourth quarter. Rhumbline Advisers now owns 257,394 shares of the company’s stock valued at $1,477,000 after buying an additional 9,325 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Vonage Holdings Corp. by 1.4% in the fourth quarter. Nationwide Fund Advisors now owns 196,521 shares of the company’s stock valued at $1,128,000 after buying an additional 2,770 shares during the period. Redwood Investments LLC acquired a new stake in shares of Vonage Holdings Corp. during the fourth quarter valued at approximately $1,724,000. California Public Employees Retirement System boosted its stake in shares of 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 valued at $3,800,000 after buying an additional 100,600 shares during the period. Finally, Matarin Capital Management LLC acquired a new stake in shares of Vonage Holdings Corp. during the fourth quarter valued at approximately $2,803,000.
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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