Vonage Holdings Corp. (NYSE:VG) – Analysts at Oppenheimer lowered their FY2019 earnings estimates for Vonage in a research report issued to clients and investors on Friday. Oppenheimer analyst T. Horan now expects that the technology company will earn $0.43 per share for the year, down from their previous forecast of $0.44. Oppenheimer has a “Outperform” rating and a $10.00 price objective on the stock.
Vonage (NYSE:VG) last announced its earnings results on Tuesday, November 7th. The technology company reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. The business had revenue of $253.10 million during the quarter, compared to analyst estimates of $249.02 million. Vonage had a net margin of 2.14% and a return on equity of 11.47%. Vonage’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 earnings per share.
Shares of Vonage (NYSE:VG) opened at $10.80 on Monday. The firm has a market cap of $2,469.65, a P/E ratio of 49.09, a PEG ratio of 6.35 and a beta of -0.04. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.51. Vonage has a 1-year low of $5.74 and a 1-year high of $11.32.
A number of institutional investors have recently modified their holdings of VG. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Vonage by 87.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,788 shares of the technology company’s stock valued at $100,000 after purchasing an additional 4,569 shares during the period. World Asset Management Inc purchased a new position in Vonage during the 3rd quarter valued at $112,000. Bank of Montreal Can grew its position in shares of Vonage by 103.4% in the 4th quarter. Bank of Montreal Can now owns 12,948 shares of the technology company’s stock worth $131,000 after buying an additional 6,581 shares during the period. Fortaleza Asset Management Inc. purchased a new stake in shares of Vonage in the 4th quarter worth about $142,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Vonage in the 4th quarter worth about $146,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Jeffrey A. Citron sold 514,913 shares of the company’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $10.37, for a total transaction of $5,339,647.81. Following the completion of the sale, the director now directly owns 10,680,286 shares in the company, valued at approximately $110,754,565.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Citron sold 138,303 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $8.90, for a total transaction of $1,230,896.70. Following the sale, the director now owns 11,676,047 shares of the company’s stock, valued at $103,916,818.30. The disclosure for this sale can be found here. Insiders have sold a total of 1,877,429 shares of company stock valued at $18,516,671 over the last quarter. 14.05% of the stock is currently owned by company insiders.
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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