Vonage (VG) PT Raised to $12.00

Vonage (NYSE:VG) had its target price boosted by equities research analysts at Needham & Company LLC from $10.00 to $12.00 in a research report issued to clients and investors on Monday. The firm presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 20.85% from the stock’s current price.

VG has been the subject of several other research reports. Robert W. Baird reissued a “buy” rating and issued a $9.00 price objective on shares of Vonage in a report on Friday, September 1st. Northland Securities reissued a “buy” rating and issued a $9.50 price objective on shares of Vonage in a report on Tuesday, September 5th. Citigroup reissued a “buy” rating and issued a $9.75 price objective on shares of Vonage in a report on Wednesday, September 13th. Craig Hallum reissued a “buy” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Vonage in a report on Tuesday, November 7th. Finally, Oppenheimer lifted their price objective on Vonage from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $9.94.

Shares of Vonage (NYSE:VG) opened at $9.93 on Monday. The company has a market capitalization of $2,268.42, a price-to-earnings ratio of 45.09, a PEG ratio of 7.04 and a beta of -0.04. Vonage has a 52 week low of $5.74 and a 52 week high of $10.49. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.63 and a current ratio of 0.64.

Vonage (NYSE:VG) last released its earnings results on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.07. The company had revenue of $253.10 million for the quarter, compared to analysts’ expectations of $249.02 million. Vonage had a return on equity of 11.47% and a net margin of 2.14%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 EPS. research analysts predict that Vonage will post 0.28 earnings per share for the current fiscal year.

In other Vonage news, insider Edward M. Gilvar sold 17,778 shares of Vonage stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $9.76, for a total transaction of $173,513.28. Following the completion of the transaction, the insider now owns 29,199 shares of the company’s stock, valued at approximately $284,982.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey A. Citron sold 414,913 shares of Vonage stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $8.12, for a total value of $3,369,093.56. Following the transaction, the director now directly owns 12,676,047 shares of the company’s stock, valued at approximately $102,929,501.64. The disclosure for this sale can be found here. In the last three months, insiders sold 1,539,123 shares of company stock valued at $12,962,492. 14.05% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Sterling Capital Management LLC grew its holdings in shares of Vonage by 77.0% during the third quarter. Sterling Capital Management LLC now owns 183,935 shares of the technology company’s stock worth $1,497,000 after purchasing an additional 80,000 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of Vonage during the third quarter worth about $367,000. Jane Street Group LLC grew its holdings in shares of Vonage by 451.6% during 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 grew its holdings in shares of Vonage by 4.4% during 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. Finally, Nicholas Investment Partners LP grew its holdings in shares of Vonage by 40.5% during 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. 84.01% of the stock is owned by institutional investors and hedge funds.

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Vonage 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.

Analyst Recommendations for Vonage (NYSE:VG)

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