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.
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.
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