Vonage Holdings Corp. (VG) Shares Gap Up on Analyst Upgrade
Vonage Holdings Corp. (NYSE:VG) gapped up before the market opened on Friday after Dougherty & Co raised their price target on the stock from $8.50 to $10.50. The stock had previously closed at $7.77, but opened at $7.36. Dougherty & Co currently has a buy rating on the stock. Vonage Holdings Corp. shares last traded at $7.54, with a volume of 1,998,973 shares changing hands.
A number of other equities research analysts also recently weighed in on VG. Zacks Investment Research raised Vonage Holdings Corp. from a “sell” rating to a “hold” rating in a report on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Vonage Holdings Corp. in a report on Wednesday, May 24th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Vonage Holdings Corp. has an average rating of “Buy” and an average price target of $8.81.
In related news, SVP Mcgonigal Graham sold 44,523 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $7.25, for a total value of $322,791.75. Following the completion of the transaction, the senior vice president now owns 145,673 shares in the company, valued at approximately $1,056,129.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey A. Citron sold 276,606 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $6.57, for a total transaction of $1,817,301.42. Following the completion of the transaction, the director now owns 12,664,157 shares of the company’s stock, valued at approximately $83,203,511.49. The disclosure for this sale can be found here. Insiders sold a total of 4,069,375 shares of company stock worth $28,295,719 over the last three months. 14.05% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Quantitative Systematic Strategies LLC bought a new stake in Vonage Holdings Corp. during the first quarter worth about $105,000. Fifth Third Bancorp raised its stake in Vonage Holdings Corp. by 29.6% in the first quarter. Fifth Third Bancorp now owns 16,911 shares of the technology company’s stock worth $107,000 after buying an additional 3,863 shares during the period. Eqis Capital Management Inc. raised its stake in Vonage Holdings Corp. by 19.8% in the first quarter. Eqis Capital Management Inc. now owns 19,230 shares of the technology company’s stock worth $122,000 after buying an additional 3,176 shares during the period. Karp Capital Management Corp bought a new stake in Vonage Holdings Corp. during the first quarter worth about $126,000. Finally, Aperio Group LLC raised its stake in Vonage Holdings Corp. by 2.2% in the second quarter. Aperio Group LLC now owns 20,387 shares of the technology company’s stock worth $133,000 after buying an additional 433 shares during the period. Hedge funds and other institutional investors own 77.35% of the company’s stock.
The stock’s 50 day moving average price is $6.63 and its 200-day moving average price is $6.59. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 123.93 and a beta of -0.01.
Vonage Holdings Corp. (NYSE:VG) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. Vonage Holdings Corp. had a return on equity of 13.56% and a net margin of 1.63%. The company had revenue of $252 million for the quarter, compared to analyst estimates of $242.05 million. During the same period last year, the company earned $0.08 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. Equities research analysts expect that Vonage Holdings Corp. will post $0.28 EPS for the current year.
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About Vonage Holdings Corp.
Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and communication solutions across multiple devices. The Company operates through two segments: Business and Consumer. 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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