Vonage Holdings Corp. (VG) Shares Gap Up to $5.73
Vonage Holdings Corp. (NYSE:VG)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $5.66, but opened at $5.73. Vonage Holdings Corp. shares last traded at $6.23, with a volume of 6,847,243 shares trading hands.
Several research firms have recently weighed in on VG. William Blair reissued an “outperform” rating on shares of Vonage Holdings Corp. in a report on Wednesday, August 3rd. 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 report on Wednesday, August 3rd. 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 report on Wednesday, August 3rd. Citigroup Inc. reissued a “buy” rating and set a $8.00 price target on shares of Vonage Holdings Corp. in a report on Thursday, June 30th. Finally, Zacks Investment Research cut Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a report on Friday, July 15th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Vonage Holdings Corp. presently has a consensus rating of “Buy” and an average price target of $7.19.
The company’s 50 day moving average price is $5.87 and its 200-day moving average price is $5.04. The firm has a market cap of $1.36 billion and a price-to-earnings ratio of 88.73.
Vonage Holdings Corp. (NYSE:VG) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.01. The firm earned $234 million during the quarter, compared to analysts’ expectations of $226.48 million. During the same period in the prior year, the firm posted $0.09 earnings per share. Vonage Holdings Corp.’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts predict that Vonage Holdings Corp. will post $0.28 EPS for the current year.
In other news, Director Jeffrey A. Citron sold 1,000,000 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $6.08, for a total transaction of $6,080,000.00. Following the sale, the director now directly owns 12,644,516 shares of the company’s stock, valued at $76,878,657.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mcgonigal Graham sold 150,994 shares of the business’s 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 sale, the insider now directly owns 152,023 shares in the company, valued at $804,201.67. The disclosure for this sale can be found here.
Several large investors recently made changes to their positions in VG. Matarin Capital Management LLC bought a new stake in shares of Vonage Holdings Corp. during the fourth quarter worth $2,803,000. Redwood Investments LLC bought a new stake in shares of Vonage Holdings Corp. during the fourth quarter worth $1,724,000. California Public Employees Retirement System raised 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 worth $3,800,000 after buying an additional 100,600 shares during the period. Finally, Rhumbline Advisers raised 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 worth $1,477,000 after buying an additional 9,325 shares during the period.
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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