Vonage Holdings Corp. (VG) Given Average Rating of “Buy” by Brokerages
Shares of Vonage Holdings Corp. (NYSE:VG) have been assigned a consensus recommendation of “Buy” from the nine brokerages that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $9.16.
VG has been the topic of a number of research reports. Northland Securities restated a “buy” rating and issued a $9.50 price objective on shares of Vonage Holdings Corp. in a report on Thursday, October 12th. Needham & Company LLC restated a “buy” rating and issued a $9.50 price objective on shares of Vonage Holdings Corp. in a report on Wednesday, September 27th. Citigroup Inc. restated a “buy” rating and issued a $9.75 price objective on shares of Vonage Holdings Corp. in a report on Wednesday, September 13th. Robert W. Baird restated a “buy” rating and issued a $9.00 price objective on shares of Vonage Holdings Corp. in a report on Friday, September 1st. Finally, BidaskClub upgraded Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th.
Shares of Vonage Holdings Corp. (NYSE VG) traded up 0.37% during midday trading on Wednesday, reaching $8.14. 1,117,903 shares of the company traded hands. The stock has a 50 day moving average price of $8.15 and a 200 day moving average price of $7.22. Vonage Holdings Corp. has a 1-year low of $5.74 and a 1-year high of $8.69. The firm has a market capitalization of $1.85 billion, a PE ratio of 101.75 and a beta of -0.11.
Vonage Holdings Corp. (NYSE:VG) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.06. Vonage Holdings Corp. had a return on equity of 12.40% and a net margin of 2.00%. The firm had revenue of $252.00 million for the quarter, compared to analyst estimates of $242.05 million. During the same quarter last year, the firm posted $0.08 EPS. The business’s revenue was up 7.8% on a year-over-year basis. Analysts expect that Vonage Holdings Corp. will post $0.27 earnings per share for the current fiscal year.
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In other Vonage Holdings Corp. news, Director Jeffrey A. Citron sold 414,913 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $8.11, for a total value of $3,364,944.43. Following the completion of the sale, the director now directly owns 12,670,751 shares of the company’s stock, valued at approximately $102,759,790.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David T. Pearson sold 198,350 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 216,119 shares of the company’s stock, valued at $1,744,080.33. The disclosure for this sale can be found here. Insiders sold a total of 1,028,176 shares of company stock valued at $8,280,784 over the last ninety days. Corporate insiders own 14.05% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Vonage Holdings Corp. in the 1st quarter worth $1,192,000. First Washington CORP acquired a new stake in shares of Vonage Holdings Corp. in the 2nd quarter worth $2,446,000. Pier Capital LLC acquired a new stake in shares of Vonage Holdings Corp. in the 2nd quarter worth $5,348,000. Federated Investors Inc. PA increased its stake in shares of Vonage Holdings Corp. by 13.9% in the 2nd quarter. Federated Investors Inc. PA now owns 2,004,456 shares of the technology company’s stock worth $13,109,000 after acquiring an additional 243,979 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Vonage Holdings Corp. by 36,952.8% in the 1st 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 during the last quarter. 79.57% of the stock is owned by institutional investors and hedge funds.
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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