Vonage Holdings Corp. (NYSE:VG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $7.00 price target on the technology company’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 14.19% from the company’s current price.
According to Zacks, “VONAGE HOLDINGS CORP. is a leading provider of digital phone services with over two million subscriber lines. Their award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. They offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services. The Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and popular features like call waiting, call forwarding and voicemail – for one low, flat monthly rate. Vonage’s service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom. “
VG has been the subject of several other research reports. William Blair reiterated an “outperform” rating on shares of Vonage Holdings Corp. in a research note on Monday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 target price on shares of Vonage Holdings Corp. in a research note on Friday, January 13th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $8.00.
Shares of Vonage Holdings Corp. (NYSE:VG) traded up 0.734% during midday trading on Wednesday, hitting $6.175. 348,660 shares of the company were exchanged. The firm’s 50 day moving average price is $6.20 and its 200 day moving average price is $6.60. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 77.188 and a beta of 0.25. Vonage Holdings Corp. has a one year low of $3.82 and a one year high of $7.88.
Vonage Holdings Corp. (NYSE:VG) last posted its earnings results on Tuesday, February 14th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Vonage Holdings Corp. had a return on equity of 17.99% and a net margin of 2.27%. The firm earned $247 million during the quarter, compared to the consensus estimate of $247.59 million. During the same quarter in the previous year, the company earned $0.06 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. Analysts forecast that Vonage Holdings Corp. will post $0.28 EPS for the current fiscal year.
In related news, insider Antoine Jamous sold 150,000 shares of the stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $6.86, for a total transaction of $1,029,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey A. Citron sold 414,913 shares of the stock in a transaction dated Thursday, March 23rd. The shares were sold at an average price of $6.45, for a total transaction of $2,676,188.85. Following the transaction, the director now owns 12,657,334 shares of the company’s stock, valued at approximately $81,639,804.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,229,362 shares of company stock valued at $14,745,989. 14.59% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of VG. Aperio Group LLC raised its position in Vonage Holdings Corp. by 7.8% in the third quarter. Aperio Group LLC now owns 18,642 shares of the technology company’s stock valued at $123,000 after buying an additional 1,341 shares during the last quarter. Rhumbline Advisers raised its position in Vonage Holdings Corp. by 1.5% in the third quarter. Rhumbline Advisers now owns 238,410 shares of the technology company’s stock valued at $1,576,000 after buying an additional 3,410 shares during the last quarter. BlackRock Investment Management LLC raised its position in Vonage Holdings Corp. by 0.5% in the third quarter. BlackRock Investment Management LLC now owns 784,072 shares of the technology company’s stock valued at $5,183,000 after buying an additional 3,971 shares during the last quarter. Emancipation Management LLC raised its position in Vonage Holdings Corp. by 1.3% in the fourth quarter. Emancipation Management LLC now owns 396,100 shares of the technology company’s stock valued at $2,713,000 after buying an additional 5,000 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Vonage Holdings Corp. by 102.3% in the third quarter. Tower Research Capital LLC TRC now owns 16,523 shares of the technology company’s stock valued at $109,000 after buying an additional 8,356 shares during the last quarter. Institutional investors own 77.13% 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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