Vonage Holdings Corp. (NYSE:VG) gapped up prior to trading 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 traded.

VG has been the subject of several research reports. Zacks Investment Research raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a research report on Tuesday, May 10th. Citigroup Inc. reaffirmed a “buy” rating and issued a $8.00 price target on shares of Vonage Holdings Corp. in a research report on Thursday, June 30th. Needham & Company LLC increased their target price on shares of Vonage Holdings Corp. from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Tuesday, June 28th. William Blair reissued a “buy” rating on shares of Vonage Holdings Corp. in a research report on Sunday, June 26th. Finally, TheStreet raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 14th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $7.19.

The company has a market cap of $1.37 billion and a price-to-earnings ratio of 89.15. The stock’s 50-day moving average price is $5.88 and its 200 day moving average price is $5.05.

Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $234 million for the quarter, compared to analyst estimates of $226.48 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. Vonage Holdings Corp.’s revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that Vonage Holdings Corp. will post $0.28 earnings per share for the current fiscal year.

In related news, Director Jeffrey A. Citron sold 101,640 shares of Vonage Holdings Corp. 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 completion of the transaction, the director now owns 12,644,516 shares in the company, valued at $76,372,876.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey A. Citron sold 1,000,000 shares of Vonage Holdings Corp. stock in a transaction that occurred 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 completion of the transaction, the director now owns 12,644,516 shares of the company’s stock, valued at approximately $76,878,657.28. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have made changes to their positions in VG. Rhumbline Advisers boosted its position 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. Redwood Investments LLC purchased a new position in shares of Vonage Holdings Corp. during the fourth quarter worth about $1,724,000. California Public Employees Retirement System increased its position 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 in the last quarter. Finally, Matarin Capital Management LLC purchased a new position in shares of Vonage Holdings Corp. during the fourth quarter worth about $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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