Vonage Holdings Corp. (VG) Trading Up 3%
Shares of Vonage Holdings Corp. (NYSE:VG) were up 3% on Friday . The company traded as high as $5.85 and last traded at $5.82, with a volume of 783,081 shares. The stock had previously closed at $5.65.
A number of analysts have weighed in on VG shares. Zacks Investment Research raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a report on Tuesday, May 10th. Needham & Company LLC reissued a “buy” rating and set a $6.00 target price on shares of Vonage Holdings Corp. in a report on Tuesday, April 12th. William Blair reaffirmed a “buy” rating on shares of Vonage Holdings Corp. in a report on Sunday, June 26th. TheStreet raised shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Finally, Citigroup Inc. raised shares of Vonage Holdings Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $4.75 to $8.00 in a report on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $7.01.
The stock’s 50-day moving average price is $5.55 and its 200 day moving average price is $4.94. The company has a market capitalization of $1.25 billion and a PE ratio of 54.35.
Vonage Holdings Corp. (NYSE:VG) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. During the same quarter in the previous year, the business posted $0.10 EPS. The company earned $226.82 million during the quarter, compared to analyst estimates of $227.04 million. The company’s revenue was up 3.2% on a year-over-year basis. Equities research analysts forecast that Vonage Holdings Corp. will post $0.30 earnings per share for the current fiscal year.
In other news, insider Mcgonigal Graham sold 64,248 shares of the firm’s stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $6.00, for a total value of $385,488.00. Following the sale, the insider now owns 153,771 shares in the company, valued at $922,626. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Alan Masarek purchased 126,460 shares of the firm’s stock in a transaction on Friday, May 13th. The shares were acquired at an average price of $3.91 per share, for a total transaction of $494,458.60. Following the purchase, the chief executive officer now directly owns 145,686 shares of the company’s stock, valued at $569,632.26. The disclosure for this purchase can be found here.
A number of large investors have bought and sold shares of the company. Rhumbline Advisers increased its stake in 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 in the last quarter. California State Teachers Retirement System increased its stake in Vonage Holdings Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 344,094 shares of the company’s stock worth $1,975,000 after buying an additional 5,519 shares in the last quarter. Nationwide Fund Advisors increased its stake in Vonage Holdings Corp. by 1.4% in the fourth quarter. Nationwide Fund Advisors now owns 196,521 shares of the company’s stock worth $1,128,000 after buying an additional 2,770 shares in the last quarter. Redwood Investments LLC acquired a new stake in Vonage Holdings Corp. during the fourth quarter worth $1,724,000. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in Vonage Holdings Corp. by 5.3% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 963,864 shares of the company’s stock worth $5,533,000 after buying an additional 48,364 shares in the last quarter.
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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