Oppenheimer Holdings, Inc. Boosts Vonage Holdings Corp. (VG) Price Target to $10.00
Vonage Holdings Corp. (NYSE:VG) had its price target raised by Oppenheimer Holdings, Inc. from $9.00 to $10.00 in a research note issued to investors on Thursday morning. The firm currently has an outperform rating on the technology company’s stock. Oppenheimer Holdings also issued estimates for Vonage Holdings Corp.’s Q4 2017 earnings at $0.12 EPS, FY2017 earnings at $0.36 EPS and FY2018 earnings at $0.41 EPS.
Several other equities analysts have also issued reports on VG. Zacks Investment Research lowered Vonage Holdings Corp. from a hold rating to a sell rating in a research note on Thursday, July 13th. Dougherty & Co cut their price target on Vonage Holdings Corp. from $10.50 to $8.50 and set a buy rating on the stock in a research note on Friday, August 4th. BidaskClub raised Vonage Holdings Corp. from a hold rating to a buy rating in a research note on Wednesday, August 9th. FBN Securities lowered Vonage Holdings Corp. from an outperform rating to a sector perform rating and set a $8.70 price target on the stock. in a research note on Thursday, August 10th. Finally, Robert W. Baird reaffirmed a buy rating and set a $9.00 price target on shares of Vonage Holdings Corp. in a research note on Friday, September 1st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $9.72.
Shares of Vonage Holdings Corp. (VG) traded up $0.17 during mid-day trading on Thursday, hitting $8.85. The stock had a trading volume of 1,146,700 shares, compared to its average volume of 2,577,235. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $1,980.00, a PE ratio of 40.23, a PEG ratio of 6.44 and a beta of -0.14. Vonage Holdings Corp. has a 12 month low of $5.74 and a 12 month high of $9.04.
Vonage Holdings Corp. (NYSE:VG) last announced its earnings results on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $253.10 million for the quarter, compared to analysts’ expectations of $249.02 million. Vonage Holdings Corp. had a return on equity of 11.47% and a net margin of 2.14%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. equities research analysts forecast that Vonage Holdings Corp. will post 0.28 earnings per share for the current year.
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In other Vonage Holdings Corp. news, CFO David T. Pearson sold 198,350 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $8.07, for a total value of $1,600,684.50. Following the transaction, the chief financial officer now owns 216,119 shares of the company’s stock, valued at $1,744,080.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Citron sold 138,303 shares of the stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $8.15, for a total value of $1,127,169.45. Following the completion of the transaction, the director now directly owns 12,676,047 shares in the company, valued at approximately $103,309,783.05. The disclosure for this sale can be found here. Insiders sold 1,581,392 shares of company stock worth $12,777,047 in the last three months. Insiders own 14.05% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Vonage Holdings Corp. by 36,952.8% in the first quarter. BlackRock Inc. now owns 15,753,734 shares of the technology company’s stock worth $99,564,000 after acquiring an additional 15,711,217 shares in the last quarter. Southpoint Capital Advisors LP bought a new stake in shares of Vonage Holdings Corp. in the second quarter worth about $27,468,000. SQN Investors LP increased its holdings in shares of Vonage Holdings Corp. by 111.0% in the second quarter. SQN Investors LP now owns 5,647,830 shares of the technology company’s stock worth $36,937,000 after acquiring an additional 2,970,716 shares in the last quarter. Rubric Capital Management LP bought a new stake in shares of Vonage Holdings Corp. in the second quarter worth about $15,696,000. Finally, Vanguard Group Inc. increased its holdings in shares of Vonage Holdings Corp. by 9.7% in the first quarter. Vanguard Group Inc. now owns 19,739,952 shares of the technology company’s stock worth $124,757,000 after acquiring an additional 1,741,500 shares in the last quarter. 80.53% of the stock is currently owned by hedge funds and other institutional investors.
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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