Robert W. Baird Reaffirms “Buy” Rating for Vonage Holdings Corp. (VG)
Vonage Holdings Corp. (NYSE:VG)‘s stock had its “buy” rating reiterated by Robert W. Baird in a report issued on Friday. They presently have a $9.00 price objective on the technology company’s stock. Robert W. Baird’s price target would suggest a potential upside of 10.84% from the stock’s current price.
VG has been the topic of a number of other research reports. Northland Securities reiterated a “buy” rating and set a $9.50 price objective on shares of Vonage Holdings Corp. in a research report on Tuesday, September 5th. BidaskClub upgraded shares of Vonage Holdings Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Citigroup Inc. reiterated a “buy” rating and set a $9.75 price objective on shares of Vonage Holdings Corp. in a research report on Wednesday, September 13th. Zacks Investment Research upgraded shares of Vonage Holdings Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, FBN Securities cut shares of Vonage Holdings Corp. from an “outperform” rating to a “sector perform” rating and set a $8.70 price objective on the stock. in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $9.16.
Vonage Holdings Corp. (VG) traded up 0.50% during trading on Friday, hitting $8.12. 712,776 shares of the company traded hands. Vonage Holdings Corp. has a 52 week low of $5.74 and a 52 week high of $8.69. The company’s 50 day moving average is $8.14 and its 200-day moving average is $7.24. The stock has a market capitalization of $1.85 billion, a PE ratio of 101.50 and a beta of -0.11.
Vonage Holdings Corp. (NYSE:VG) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.06 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.06. Vonage Holdings Corp. had a net margin of 2.00% and a return on equity of 12.40%. The business had revenue of $252.00 million for the quarter, compared to analysts’ expectations of $242.05 million. During the same quarter in the previous year, the business posted $0.08 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. Analysts predict that Vonage Holdings Corp. will post $0.27 earnings per share for the current year.
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In other news, Director Jeffrey A. Citron sold 138,303 shares of the business’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $8.15, for a total transaction of $1,127,169.45. Following the completion of the sale, the director now directly owns 12,676,047 shares of the company’s stock, valued at $103,309,783.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey A. Citron sold 414,913 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $8.11, for a total transaction of $3,364,944.43. Following the sale, the director now directly owns 12,670,751 shares of the company’s stock, valued at $102,759,790.61. The disclosure for this sale can be found here. Insiders have sold 1,581,392 shares of company stock valued at $12,777,047 over the last three months. Insiders own 14.05% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp boosted its stake in shares of Vonage Holdings Corp. by 29.6% during the first quarter. Fifth Third Bancorp now owns 16,911 shares of the technology company’s stock valued at $107,000 after purchasing an additional 3,863 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Vonage Holdings Corp. during the second quarter valued at $118,000. Quantitative Systematic Strategies LLC boosted its stake in shares of Vonage Holdings Corp. by 19.0% during the second quarter. Quantitative Systematic Strategies LLC now owns 19,671 shares of the technology company’s stock valued at $131,000 after purchasing an additional 3,136 shares during the period. Karp Capital Management Corp purchased a new stake in shares of Vonage Holdings Corp. during the first quarter valued at $126,000. Finally, Eqis Capital Management Inc. boosted its stake in shares of Vonage Holdings Corp. by 4.2% during the second quarter. Eqis Capital Management Inc. now owns 20,043 shares of the technology company’s stock valued at $131,000 after purchasing an additional 813 shares during the period. 79.57% of the stock is owned by hedge funds and other institutional investors.
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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