Vonage (NYSE:VG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The firm presently has a $11.00 target price on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.11% from the company’s current price.
According to Zacks, “Vonage is redefining communications by offering consumers and small businesses an affordable alternative to traditional telephone service. The fastest growing telephony company in North America, Vonage’s service area encompasses more than 2000 active rate centers in over 130 global markets. Vonage is sold directly through their website and retail partners such as SAM’s Club, Amazon.com, RadioShack, Best Buy, Circuit City, Staples, Fry’s Electronics and Office Depot. Wholesale partners such as EarthLink, ARMSTRONG(R), Advanced Cable Communications and the Coldwater Board of Public Utilities resell the Vonage broadband phone service under their own unique brands. With more than 300,000 lines in service, Vonage continues to add more than 30,000 lines per month to its network. Over 10 million calls per week are made using Vonage, the easy-to-use, feature-rich, flat rate phone service. “
Several other brokerages have also issued reports on VG. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target (up from $9.50) on shares of Vonage in a report on Wednesday, November 8th. Robert W. Baird reiterated a “buy” rating on shares of Vonage in a report on Friday, November 17th. Oppenheimer lifted their price target on Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Citigroup reiterated a “buy” rating and set a $9.75 price target on shares of Vonage in a report on Wednesday, September 13th. Finally, Northland Securities reiterated a “buy” rating and set a $9.50 price target on shares of Vonage in a report on Thursday, October 12th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Vonage presently has a consensus rating of “Buy” and an average price target of $10.30.
Vonage (NYSE:VG) last announced its quarterly earnings data on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.07. Vonage had a return on equity of 11.47% and a net margin of 2.14%. The firm had revenue of $253.10 million during the quarter, compared to analyst estimates of $249.02 million. During the same period last year, the company posted $0.09 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. equities analysts predict that Vonage will post 0.28 earnings per share for the current fiscal year.
In related news, Director Jeffrey A. Citron sold 138,303 shares of the business’s stock in a transaction that occurred on Tuesday, October 17th. The stock was sold at an average price of $8.15, for a total value of $1,127,169.45. Following the completion of the sale, the director now directly owns 12,676,047 shares in the company, valued at approximately $103,309,783.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Edward M. Gilvar sold 17,778 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $9.76, for a total value of $173,513.28. Following the completion of the sale, the insider now owns 29,199 shares of the company’s stock, valued at $284,982.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,677,429 shares of company stock valued at $15,273,575. 14.05% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of VG. Southpoint Capital Advisors LP acquired a new stake in Vonage in the 2nd quarter worth approximately $27,468,000. SQN Investors LP lifted its holdings in Vonage by 111.0% in the 2nd quarter. SQN Investors LP now owns 5,647,830 shares of the technology company’s stock worth $36,937,000 after purchasing an additional 2,970,716 shares during the last quarter. Principal Financial Group Inc. increased its position in Vonage by 3,438.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,594,420 shares of the technology company’s stock worth $12,979,000 after buying an additional 1,549,359 shares during the period. Bank of New York Mellon Corp increased its position in Vonage by 103.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,674,457 shares of the technology company’s stock worth $21,769,000 after buying an additional 1,360,141 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Vonage by 269.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,441,286 shares of the technology company’s stock worth $11,733,000 after buying an additional 1,051,190 shares during the period. Hedge funds and other institutional investors own 83.99% of the company’s stock.
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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