Zacks Investment Research Reaffirms “Hold” Rating for Vonage (VG)
Vonage (NYSE:VG)‘s stock had its “hold” rating restated by Zacks Investment Research in a research report issued to clients and investors on Saturday. They currently have a $11.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 0.36% from the company’s previous close.
According to Zacks, “Vonage is redefining communications by offering consumers and small businesses an affordable alternative to traditional telephone service. The fastest growing telephony company in North America, Vonage’s service area encompasses more than 2000 active rate centers in over 130 global markets. Vonage is sold directly through their website and retail partners such as SAM’s Club, Amazon.com, RadioShack, Best Buy, Circuit City, Staples, Fry’s Electronics and Office Depot. Wholesale partners such as EarthLink, ARMSTRONG(R), Advanced Cable Communications and the Coldwater Board of Public Utilities resell the Vonage broadband phone service under their own unique brands. With more than 300,000 lines in service, Vonage continues to add more than 30,000 lines per month to its network. Over 10 million calls per week are made using Vonage, the easy-to-use, feature-rich, flat rate phone service. “
A number of other equities analysts also recently issued reports on the company. Robert W. Baird restated a “buy” rating and issued a $11.00 price target on shares of Vonage in a research note on Wednesday, January 3rd. Needham & Company LLC lifted their target price on Vonage from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Monday, December 11th. Oppenheimer lifted their target price on Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Citigroup reiterated a “buy” rating and set a $11.00 target price on shares of Vonage in a research report on Wednesday, November 8th. They noted that the move was a valuation call. Finally, Craig Hallum reiterated a “buy” rating and set a $11.00 target price (up from $10.00) on shares of Vonage in a research report on Tuesday, November 7th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $10.30.
Vonage (NYSE:VG) last released its quarterly earnings results on Tuesday, November 7th. The technology company reported $0.07 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.07. The firm had revenue of $253.10 million for the quarter, compared to the consensus estimate of $249.02 million. Vonage had a return on equity of 11.47% and a net margin of 2.14%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the business posted $0.09 EPS. research analysts predict that Vonage will post 0.28 earnings per share for the current year.
In other news, Director Jeffrey A. Citron sold 514,913 shares of Vonage stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $10.37, for a total value of $5,339,647.81. Following the sale, the director now directly owns 10,680,286 shares of the company’s stock, valued at $110,754,565.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey A. Citron sold 138,303 shares of Vonage stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $8.15, for a total value of $1,127,169.45. Following the completion of the sale, the director now directly owns 12,676,047 shares in the company, valued at $103,309,783.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,430,645 shares of company stock worth $23,012,934. Insiders own 14.05% of the company’s stock.
Several hedge funds have recently modified their holdings of VG. Southpoint Capital Advisors LP bought a new stake in shares of Vonage in the second quarter worth about $27,468,000. SQN Investors LP increased its holdings in shares of Vonage by 111.0% in the second quarter. SQN Investors LP now owns 5,647,830 shares of the technology company’s stock worth $36,937,000 after purchasing an additional 2,970,716 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Vonage by 3,438.4% in the third quarter. Principal Financial Group Inc. now owns 1,594,420 shares of the technology company’s stock worth $12,979,000 after purchasing an additional 1,549,359 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Vonage by 103.5% in the third quarter. Bank of New York Mellon Corp now owns 2,674,457 shares of the technology company’s stock worth $21,769,000 after purchasing an additional 1,360,141 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Vonage by 269.5% in the third quarter. Ameriprise Financial Inc. now owns 1,441,286 shares of the technology company’s stock worth $11,733,000 after purchasing an additional 1,051,190 shares during the last quarter. 83.99% of the stock is currently owned by hedge funds and other institutional investors.
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Vonage 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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