Vonage Holdings Corp. (NYSE:VG) has received an average recommendation of “Buy” from the eleven ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $9.81.
A number of equities research analysts have recently issued reports on the company. Robert W. Baird reiterated a “buy” rating on shares of Vonage in a research note on Friday, November 17th. Zacks Investment Research lowered Vonage from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Oppenheimer raised their price objective on Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective (up previously from $9.50) on shares of Vonage in a research note on Wednesday, November 8th. Finally, Citigroup restated a “buy” rating and set a $11.00 price objective on shares of Vonage in a research note on Wednesday, November 8th. They noted that the move was a valuation call.
Vonage (VG) traded up $0.01 during trading on Thursday, hitting $9.93. The stock had a trading volume of 2,028,435 shares, compared to its average volume of 2,540,506. 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 has a 52 week low of $5.74 and a 52 week high of $10.49. The stock has a market cap of $2,298.15, a P/E ratio of 45.68, a price-to-earnings-growth ratio of 7.13 and a beta of -0.04.
In other news, Director Jeffrey A. Citron sold 414,913 shares of Vonage stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $8.12, for a total transaction of $3,369,093.56. Following the transaction, the director now directly owns 12,676,047 shares in the company, valued at approximately $102,929,501.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Edward M. Gilvar sold 17,778 shares of Vonage stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $9.76, for a total value of $173,513.28. Following the transaction, the insider now owns 29,199 shares in the company, valued at $284,982.24. The disclosure for this sale can be found here. In the last three months, insiders sold 1,539,123 shares of company stock worth $12,962,492. Company insiders own 14.05% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Parametric Portfolio Associates LLC increased its position in shares of Vonage by 54.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 744,774 shares of the technology company’s stock valued at $4,871,000 after purchasing an additional 261,918 shares during the period. First Washington CORP acquired a new position in shares of Vonage in the 2nd quarter worth $2,446,000. Pier Capital LLC acquired a new position in shares of Vonage in the 2nd quarter worth $5,348,000. Federated Investors Inc. PA grew its holdings in shares of Vonage 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, Royal Bank of Canada grew its holdings in shares of Vonage by 15.3% in the 2nd quarter. Royal Bank of Canada now owns 6,559,655 shares of the technology company’s stock worth $42,902,000 after acquiring an additional 872,527 shares during the last quarter. Institutional investors own 84.01% of the company’s stock.
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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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