Vonage Holdings Corp. (VG) Earns Buy Rating from Needham & Company LLC
Vonage Holdings Corp. (NYSE:VG)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report released on Friday. They presently have a $9.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 14.94% from the company’s previous close.
Several other brokerages also recently commented on VG. Zacks Investment Research downgraded Vonage Holdings Corp. from a “strong-buy” rating to a “hold” rating in a research note on Saturday, October 29th. TheStreet downgraded Vonage Holdings Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Finally, William Blair reissued an “outperform” rating on shares of Vonage Holdings Corp. in a research note on Friday, September 23rd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $7.75.
Vonage Holdings Corp. (NYSE:VG) traded up 2.89% during trading on Friday, reaching $7.83. 3,575,681 shares of the company’s stock traded hands. Vonage Holdings Corp. has a 1-year low of $3.82 and a 1-year high of $7.88. The stock has a 50-day moving average price of $6.99 and a 200 day moving average price of $6.38. The stock has a market capitalization of $1.71 billion, a P/E ratio of 87.00 and a beta of 0.25.
Vonage Holdings Corp. (NYSE:VG) last issued its earnings results on Wednesday, October 26th. The company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.04. The firm earned $248.40 million during the quarter, compared to the consensus estimate of $246.92 million. Vonage Holdings Corp. had a return on equity of 17.99% and a net margin of 2.27%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 earnings per share. Equities research analysts expect that Vonage Holdings Corp. will post $0.33 earnings per share for the current year.
In related news, insider Antoine Jamous sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $6.67, for a total value of $1,000,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey A. Citron sold 500,000 shares of the company’s stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $6.21, for a total value of $3,105,000.00. Following the completion of the sale, the director now owns 12,651,039 shares in the company, valued at $78,562,952.19. The disclosure for this sale can be found here. 14.59% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. D.A. Davidson & CO. boosted its stake in shares of Vonage Holdings Corp. by 2.2% in the third quarter. D.A. Davidson & CO. now owns 32,620 shares of the company’s stock valued at $215,000 after buying an additional 700 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Vonage Holdings Corp. during the third quarter worth about $283,000. Credit Suisse AG boosted its position in Vonage Holdings Corp. by 224.9% in the third quarter. Credit Suisse AG now owns 548,048 shares of the company’s stock worth $3,623,000 after buying an additional 379,340 shares during the last quarter. Empire Capital Management L.L.C. acquired a new position in Vonage Holdings Corp. during the third quarter worth about $385,000. Finally, Verition Fund Management LLC boosted its position in Vonage Holdings Corp. by 761.5% in the third quarter. Verition Fund Management LLC now owns 327,013 shares of the company’s stock worth $2,162,000 after buying an additional 289,053 shares during the last quarter. Institutional investors and hedge funds own 76.03% of the company’s stock.
About Vonage Holdings Corp.
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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