Vonage (VG) PT Raised to $12.00 at Needham & Company LLC

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.

Vonage (NYSE:VG) last posted its quarterly earnings results on Tuesday, November 7th. The technology company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Vonage had a net margin of 2.14% and a return on equity of 11.47%. The firm had revenue of $253.10 million during the quarter, compared to the consensus estimate of $249.02 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. analysts forecast that Vonage will post 0.28 earnings per share for the current fiscal year.

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.

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About Vonage

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.

Analyst Recommendations for Vonage (NYSE:VG)

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