Citigroup Inc. restated their buy rating on shares of Vonage Holdings Corp. (NYSE:VG) in a research note published on Wednesday. They currently have a $9.75 price target on the technology company’s stock.
Several other analysts also recently commented on the stock. Northland Securities reiterated a buy rating and issued a $9.50 target price on shares of Vonage Holdings Corp. in a report on Tuesday, September 5th. Robert W. Baird reiterated a buy rating and issued a $9.00 target price on shares of Vonage Holdings Corp. in a report on Friday, September 1st. FBN Securities downgraded shares of Vonage Holdings Corp. from an outperform rating to a sector perform rating and set a $8.70 target price for the company. in a report on Thursday, August 10th. BidaskClub upgraded shares of Vonage Holdings Corp. from a hold rating to a buy rating in a report on Wednesday, August 9th. Finally, Dougherty & Co lowered their target price on shares of Vonage Holdings Corp. from $10.50 to $8.50 and set a buy rating for the company in a report on Friday, August 4th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Vonage Holdings Corp. presently has an average rating of Buy and a consensus price target of $8.89.
Vonage Holdings Corp. (NYSE:VG) opened at 8.10 on Wednesday. The stock’s 50 day moving average is $7.90 and its 200 day moving average is $6.88. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 101.25 and a beta of -0.09. Vonage Holdings Corp. has a 1-year low of $5.74 and a 1-year high of $8.50.
Vonage Holdings Corp. (NYSE:VG) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.06 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. The company had revenue of $252.00 million during the quarter, compared to the consensus estimate of $242.05 million. Vonage Holdings Corp. had a net margin of 2.00% and a return on equity of 12.40%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 earnings per share. Analysts predict that Vonage Holdings Corp. will post $0.27 EPS for the current fiscal year.
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In related news, CFO David T. Pearson sold 198,350 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $8.07, for a total transaction of $1,600,684.50. Following the completion of the sale, the chief financial officer now owns 216,119 shares in the company, valued at $1,744,080.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Citron sold 414,913 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $8.11, for a total transaction of $3,364,944.43. Following the sale, the director now owns 12,670,751 shares of the company’s stock, valued at approximately $102,759,790.61. The disclosure for this sale can be found here. Insiders have sold 1,028,176 shares of company stock valued at $7,774,590 in the last 90 days. 14.05% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in Vonage Holdings Corp. by 29.6% during 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 last quarter. Bayesian Capital Management LP purchased a new stake in Vonage Holdings Corp. during the second quarter worth about $118,000. Eqis Capital Management Inc. increased its holdings in Vonage Holdings Corp. by 19.8% during 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 last quarter. Karp Capital Management Corp purchased a new stake in Vonage Holdings Corp. during the first quarter worth about $126,000. Finally, Quantitative Systematic Strategies LLC increased its holdings in Vonage Holdings Corp. by 19.0% during the second quarter. Quantitative Systematic Strategies LLC now owns 19,671 shares of the technology company’s stock worth $131,000 after buying an additional 3,136 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.
Vonage Holdings Corp. Company Profile
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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