Vonage Holdings Corp. (NYSE:VG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
Other analysts have also issued reports about the company. Oppenheimer Holdings, Inc. increased their target price on Vonage Holdings Corp. from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Robert W. Baird reissued a “buy” rating and set a $9.00 target price on shares of Vonage Holdings Corp. in a report on Friday, September 1st. Dougherty & Co reduced their target price on Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating on the stock in a report on Friday, August 4th. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price (up from $9.50) on shares of Vonage Holdings Corp. in a report on Wednesday, November 8th. Finally, Northland Securities reissued a “buy” rating and set a $9.50 target price on shares of Vonage Holdings Corp. in a report on Thursday, October 12th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $9.72.
Vonage Holdings Corp. (VG) traded down $0.07 during mid-day trading on Tuesday, reaching $8.78. The company’s stock had a trading volume of 1,446,100 shares, compared to its average volume of 2,572,070. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.51. The company has a market cap of $2,000.00, a PE ratio of 40.23, a price-to-earnings-growth ratio of 6.44 and a beta of -0.14. Vonage Holdings Corp. has a 1 year low of $5.74 and a 1 year high of $9.04.
Vonage Holdings Corp. (NYSE:VG) last posted its quarterly earnings data on Tuesday, November 7th. The technology company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $253.10 million for the quarter, compared to analysts’ expectations of $249.02 million. Vonage Holdings Corp. had a return on equity of 11.47% and a net margin of 2.14%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 EPS. equities research analysts expect that Vonage Holdings Corp. will post 0.28 earnings per share for the current fiscal year.
In related news, CFO David T. Pearson sold 198,350 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $8.07, for a total value of $1,600,684.50. Following the sale, the chief financial officer now directly owns 216,119 shares of the company’s stock, valued at $1,744,080.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Citron sold 414,913 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $8.11, for a total value of $3,364,944.43. Following the completion of the sale, the director now directly owns 12,670,751 shares in the company, valued at $102,759,790.61. The disclosure for this sale can be found here. Insiders sold 1,581,392 shares of company stock worth $12,777,047 over the last ninety days. 14.05% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Magnetar Financial LLC raised its position in Vonage Holdings Corp. by 4.4% in the third quarter. Magnetar Financial LLC now owns 1,791,337 shares of the technology company’s stock valued at $14,581,000 after purchasing an additional 75,837 shares during the last quarter. Nicholas Investment Partners LP raised its position in Vonage Holdings Corp. by 40.5% in the third quarter. Nicholas Investment Partners LP now owns 422,724 shares of the technology company’s stock valued at $3,441,000 after purchasing an additional 121,902 shares during the last quarter. Invictus RG bought a new position in Vonage Holdings Corp. in the third quarter valued at about $278,000. Pinebridge Investments L.P. bought a new position in Vonage Holdings Corp. in the third quarter valued at about $209,000. Finally, Emancipation Management LLC raised its position in Vonage Holdings Corp. by 530.9% in the third quarter. Emancipation Management LLC now owns 260,559 shares of the technology company’s stock valued at $2,121,000 after purchasing an additional 219,259 shares during the last quarter. 80.53% of the stock is currently owned by institutional investors and hedge funds.
About Vonage Holdings Corp.
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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