Vonage (NYSE:VG) had its price target increased by investment analysts at Needham & Company LLC from $10.00 to $12.00 in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 21.09% from the stock’s current price.
Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Vonage in a research note on Friday, November 17th. Zacks Investment Research downgraded shares of Vonage from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Oppenheimer lifted their price target on shares of Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Citigroup reaffirmed a “buy” rating and issued a $11.00 price target on shares of Vonage in a research note on Wednesday, November 8th. They noted that the move was a valuation call. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $11.00 price target (up from $10.00) on shares of Vonage in a research note on Tuesday, November 7th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $9.94.
Vonage (NYSE VG) traded down $0.01 on Monday, reaching $9.91. 1,383,047 shares of the company’s stock traded hands, compared to its average volume of 2,529,452. Vonage has a 12-month low of $5.74 and a 12-month high of $10.49. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $2,250.00, a P/E ratio of 45.09, a P/E/G ratio of 7.04 and a beta of -0.04.
In other news, insider Edward M. Gilvar sold 17,778 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $9.76, for a total transaction of $173,513.28. Following the completion of the sale, the insider now directly owns 29,199 shares of the company’s stock, valued at $284,982.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jeffrey A. Citron sold 414,913 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 12,670,751 shares of the company’s stock, valued at $101,239,300.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,539,123 shares of company stock valued at $12,962,492. 14.05% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Parametric Portfolio Associates LLC grew its position in Vonage by 54.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 744,774 shares of the technology company’s stock worth $4,871,000 after purchasing an additional 261,918 shares in the last quarter. First Washington CORP bought a new stake in Vonage in the 2nd quarter worth about $2,446,000. Pier Capital LLC bought a new stake in Vonage in the 2nd quarter worth about $5,348,000. Federated Investors Inc. PA grew its position in Vonage by 13.9% in the 2nd quarter. Federated Investors Inc. PA now owns 2,004,456 shares of the technology company’s stock worth $13,109,000 after purchasing an additional 243,979 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Vonage by 15.3% in the 2nd quarter. Royal Bank of Canada now owns 6,559,655 shares of the technology company’s stock worth $42,902,000 after purchasing an additional 872,527 shares in the last quarter. 84.01% of the stock is owned by institutional investors and hedge funds.
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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