Vonage Holdings Corp. (VG) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Vonage Holdings Corp. (NYSE:VG) from a hold rating to a buy rating in a research report report published on Thursday morning. The firm currently has $7.25 price objective on the stock.
According to Zacks, “VONAGE HOLDINGS CORP. is a leading provider of digital phone services with over two million subscriber lines. Their award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. They offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services. The Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and popular features like call waiting, call forwarding and voicemail – for one low, flat monthly rate. Vonage’s service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom. “
Several other equities research analysts have also recently commented on VG. William Blair reaffirmed a buy rating on shares of Vonage Holdings Corp. in a report on Sunday, June 26th. Citigroup Inc. reaffirmed a buy rating and issued a $8.00 price target on shares of Vonage Holdings Corp. in a report on Thursday, June 30th. FBN Securities reaffirmed an outperform rating on shares of Vonage Holdings Corp. in a report on Tuesday, August 2nd. TheStreet raised Vonage Holdings Corp. from a hold rating to a buy rating in a research note on Tuesday, June 14th. Finally, Dougherty & Co raised their target price on Vonage Holdings Corp. from $6.00 to $8.00 and gave the stock a buy rating in a research note on Wednesday, August 3rd. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $7.84.
Shares of Vonage Holdings Corp. (NYSE:VG) opened at 6.35 on Thursday. The firm has a 50 day moving average price of $6.24 and a 200 day moving average price of $5.40. The stock has a market capitalization of $1.37 billion, a PE ratio of 89.44 and a beta of 0.74. Vonage Holdings Corp. has a one year low of $3.82 and a one year high of $7.42.
Vonage Holdings Corp. (NYSE:VG) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Vonage Holdings Corp. had a return on equity of 17.58% and a net margin of 1.71%. The firm earned $234 million during the quarter, compared to analysts’ expectations of $226.48 million. During the same quarter last year, the firm earned $0.09 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Analysts predict that Vonage Holdings Corp. will post $0.28 earnings per share for the current fiscal year.
In related news, Director Jeffrey A. Citron sold 1,000,000 shares of Vonage Holdings Corp. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $6.08, for a total value of $6,080,000.00. Following the completion of the transaction, the director now directly owns 12,644,516 shares in the company, valued at $76,878,657.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffrey A. Citron sold 101,640 shares of Vonage Holdings Corp. stock in a transaction 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 of the company’s stock, valued at $76,372,876.64. The disclosure for this sale can be found here. 14.59% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atria Investments LLC acquired a new stake in shares of Vonage Holdings Corp. during the second quarter worth about $108,000. MAI Capital Management increased its stake in shares of Vonage Holdings Corp. by 21.0% in the second quarter. MAI Capital Management now owns 18,249 shares of the company’s stock worth $111,000 after buying an additional 3,172 shares during the period. Amalgamated Bank increased its stake in shares of Vonage Holdings Corp. by 4.4% in the second quarter. Amalgamated Bank now owns 20,782 shares of the company’s stock worth $117,000 after buying an additional 867 shares during the period. Blair William & Co. IL increased its stake in shares of Vonage Holdings Corp. by 42.3% in the second quarter. Blair William & Co. IL now owns 20,200 shares of the company’s stock worth $123,000 after buying an additional 6,000 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Vonage Holdings Corp. by 9.6% in the first quarter. Legal & General Group Plc now owns 27,932 shares of the company’s stock worth $127,000 after buying an additional 2,457 shares during the period. Hedge funds and other institutional investors own 73.59% of the company’s stock.
Vonage Holdings Corp. Company Profile
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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