$249.30 Million in Sales Expected for Vonage Holdings Corp. (VG) This Quarter
Wall Street brokerages forecast that Vonage Holdings Corp. (NYSE:VG) will post $249.30 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Vonage Holdings Corp.’s earnings, with the highest sales estimate coming in at $251.12 million and the lowest estimate coming in at $248.06 million. Vonage Holdings Corp. reported sales of $248.36 million in the same quarter last year, which indicates a positive year-over-year growth rate of 0.4%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, November 7th.
On average, analysts expect that Vonage Holdings Corp. will report full-year sales of $249.30 million for the current financial year, with estimates ranging from $991.46 million to $998.20 million. For the next financial year, analysts anticipate that the business will report sales of $1.02 billion per share, with estimates ranging from $1.01 billion to $1.05 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Vonage Holdings Corp..
Vonage Holdings Corp. (NYSE:VG) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.06 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. The business had revenue of $252.00 million during the quarter, compared to analyst estimates of $242.05 million. Vonage Holdings Corp. had a net margin of 2.00% and a return on equity of 12.40%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share.
VG has been the subject of several research reports. Northland Securities reaffirmed a “buy” rating and issued a $9.50 target price on shares of Vonage Holdings Corp. in a research report on Tuesday, September 5th. Robert W. Baird reiterated a “buy” rating and issued a $9.00 price objective on shares of Vonage Holdings Corp. in a research note on Friday, September 1st. Citigroup Inc. reiterated a “buy” rating and issued a $9.75 price objective on shares of Vonage Holdings Corp. in a research note on Wednesday, September 13th. Zacks Investment Research cut Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Finally, Dougherty & Co decreased their price objective on Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating for the company in a research note on Friday, August 4th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $9.16.
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Shares of Vonage Holdings Corp. (NYSE VG) opened at 8.21 on Tuesday. The firm’s 50 day moving average is $8.14 and its 200 day moving average is $7.18. Vonage Holdings Corp. has a 52-week low of $5.74 and a 52-week high of $8.69. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 102.62 and a beta of -0.11.
In related news, Director Jeffrey A. Citron sold 414,913 shares of the business’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $7.99, for a total transaction of $3,315,154.87. Following the completion of the sale, the director now owns 12,670,751 shares in the company, valued at $101,239,300.49. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David T. Pearson sold 198,350 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $8.07, for a total value of $1,600,684.50. Following the sale, the chief financial officer now owns 216,119 shares of the company’s stock, valued at approximately $1,744,080.33. The disclosure for this sale can be found here. Insiders sold a total of 1,028,176 shares of company stock valued at $8,280,784 in the last quarter. Company insiders own 14.05% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Vonage Holdings Corp. by 2.2% during the second quarter. Vanguard Group Inc. now owns 20,177,322 shares of the technology company’s stock worth $131,960,000 after purchasing an additional 437,370 shares during the last quarter. BlackRock Inc. lifted its stake in Vonage Holdings Corp. by 36,952.8% during the first quarter. BlackRock Inc. now owns 15,753,734 shares of the technology company’s stock worth $99,564,000 after purchasing an additional 15,711,217 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Vonage Holdings Corp. by 0.3% during the second quarter. Alliancebernstein L.P. now owns 9,899,093 shares of the technology company’s stock worth $64,740,000 after purchasing an additional 32,532 shares during the last quarter. Cramer Rosenthal Mcglynn LLC lifted its stake in Vonage Holdings Corp. by 6.0% during the second quarter. Cramer Rosenthal Mcglynn LLC now owns 7,596,028 shares of the technology company’s stock worth $49,678,000 after purchasing an additional 427,218 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Vonage Holdings Corp. by 12.2% during the second quarter. First Trust Advisors LP now owns 7,180,454 shares of the technology company’s stock worth $46,960,000 after purchasing an additional 780,436 shares during the last quarter. Hedge funds and other institutional investors own 79.57% 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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