Vonage Holdings Corp. (VG) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Vonage Holdings Corp. (NYSE:VG) from a hold rating to a buy rating in a research note published on Saturday morning. Zacks Investment Research currently has $9.75 price objective on the technology company’s stock.
According to Zacks, “Vonage is redefining communications by offering consumers and small businesses an affordable alternative to traditional telephone service. The fastest growing telephony company in North America, Vonage’s service area encompasses more than 2000 active rate centers in over 130 global markets. Vonage is sold directly through their website and retail partners such as SAM’s Club, Amazon.com, RadioShack, Best Buy, Circuit City, Staples, Fry’s Electronics and Office Depot. Wholesale partners such as EarthLink, ARMSTRONG(R), Advanced Cable Communications and the Coldwater Board of Public Utilities resell the Vonage broadband phone service under their own unique brands. With more than 300,000 lines in service, Vonage continues to add more than 30,000 lines per month to its network. Over 10 million calls per week are made using Vonage, the easy-to-use, feature-rich, flat rate phone service. “
Several other analysts also recently weighed in on VG. Northland Securities reiterated a buy rating and set a $9.50 target price on shares of Vonage Holdings Corp. in a research report on Tuesday, September 5th. Robert W. Baird reiterated a buy rating and set a $9.00 target price on shares of Vonage Holdings Corp. in a research report on Friday, September 1st. Citigroup Inc. reiterated a buy rating and set a $9.75 target price on shares of Vonage Holdings Corp. in a research report on Wednesday, September 13th. Dougherty & Co decreased their target price on Vonage Holdings Corp. from $10.50 to $8.50 and set a buy rating for the company in a research report on Friday, August 4th. Finally, Needham & Company LLC reiterated a buy rating and set a $9.50 target price on shares of Vonage Holdings Corp. in a research report on Wednesday, September 27th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Vonage Holdings Corp. currently has an average rating of Buy and a consensus price target of $9.72.
Shares of Vonage Holdings Corp. (NYSE VG) opened at $9.04 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.51. Vonage Holdings Corp. has a fifty-two week low of $5.74 and a fifty-two week high of $9.08. The stock has a market cap of $2,000.00, a P/E ratio of 40.23, a price-to-earnings-growth ratio of 6.44 and a beta of -0.14.
Vonage Holdings Corp. (NYSE:VG) last posted its earnings results on Tuesday, November 7th. The technology company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The firm had revenue of $253.10 million during the quarter, compared to analyst estimates of $249.02 million. Vonage Holdings Corp. had a net margin of 2.14% and a return on equity of 11.47%. Vonage Holdings Corp.’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. equities research analysts anticipate that Vonage Holdings Corp. will post 0.28 earnings per share for the current year.
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In related news, Director Jeffrey A. Citron sold 414,913 shares of Vonage Holdings Corp. stock in a transaction dated 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 in the company, valued at $102,759,790.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey A. Citron sold 138,303 shares of Vonage Holdings Corp. 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 sale, the director now owns 12,676,047 shares of the company’s stock, valued at $103,309,783.05. The disclosure for this sale can be found here. Insiders sold 1,581,392 shares of company stock valued at $12,777,047 over the last 90 days. 14.05% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Jane Street Group LLC raised its holdings in Vonage Holdings Corp. by 451.6% in the third quarter. Jane Street Group LLC now owns 70,741 shares of the technology company’s stock worth $576,000 after purchasing an additional 57,917 shares in the last quarter. Magnetar Financial LLC raised its holdings in Vonage Holdings Corp. by 4.4% in the third quarter. Magnetar Financial LLC now owns 1,791,337 shares of the technology company’s stock worth $14,581,000 after purchasing an additional 75,837 shares in the last quarter. Nicholas Investment Partners LP raised its holdings in Vonage Holdings Corp. by 40.5% in the third quarter. Nicholas Investment Partners LP now owns 422,724 shares of the technology company’s stock worth $3,441,000 after purchasing an additional 121,902 shares in the last quarter. Invictus RG bought a new position in Vonage Holdings Corp. in the third quarter worth about $278,000. Finally, Pinebridge Investments L.P. bought a new position in Vonage Holdings Corp. in the third quarter worth about $209,000. Institutional investors and hedge funds own 80.53% 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 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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