Vonage (VG) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Vonage (NYSE:VG) from a hold rating to a buy rating in a research report released on Saturday morning. The firm currently has $11.00 target price on the technology company’s stock.

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 equities analysts have also issued research reports about the stock. Robert W. Baird reiterated a buy rating and set a $11.00 price objective on shares of Vonage in a report on Wednesday, January 3rd. Oppenheimer upped their target price on shares of Vonage from $9.00 to $10.00 and gave the stock an outperform rating in a report on Thursday, November 9th. Needham & Company LLC restated a buy rating and issued a $10.00 target price (up previously from $9.50) on shares of Vonage in a report on Wednesday, November 8th. Northland Securities restated a buy rating and issued a $9.50 target price on shares of Vonage in a report on Thursday, October 12th. Finally, Craig Hallum restated a buy rating and issued a $11.00 target price (up previously from $10.00) on shares of Vonage in a report on Tuesday, November 7th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Vonage presently has an average rating of Buy and an average target price of $10.30.

Vonage (NYSE VG) opened at $10.00 on Friday. Vonage has a fifty-two week low of $5.74 and a fifty-two week high of $10.56. The firm has a market cap of $2,300.00, a PE ratio of 111.11, a PEG ratio of 5.88 and a beta of -0.05. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.51.

Vonage (NYSE:VG) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $249.02 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. sell-side analysts forecast that Vonage will post 0.28 EPS for the current fiscal year.

In other Vonage news, Director Jeffrey A. Citron sold 414,916 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $10.18, for a total value of $4,223,844.88. Following the completion of the sale, the director now owns 10,676,047 shares in the company, valued at approximately $108,682,158.46. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jeffrey A. Citron sold 138,303 shares of the stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $10.14, for a total transaction of $1,402,392.42. Following the completion of the sale, the director now owns 10,676,047 shares of the company’s stock, valued at approximately $108,255,116.58. The disclosure for this sale can be found here. Insiders sold a total of 1,677,429 shares of company stock worth $15,273,575 in the last 90 days. 14.05% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. World Asset Management Inc bought a new position in shares of Vonage during the 3rd quarter valued at approximately $112,000. Bayesian Capital Management LP bought a new position in shares of Vonage during the 2nd quarter valued at approximately $118,000. CIBC Asset Management Inc bought a new position in shares of Vonage during the 3rd quarter valued at approximately $148,000. SG Americas Securities LLC grew its position in shares of Vonage by 108.4% during the 2nd quarter. SG Americas Securities LLC now owns 24,416 shares of the technology company’s stock valued at $160,000 after acquiring an additional 12,701 shares during the period. Finally, Amalgamated Bank grew its position in shares of Vonage by 11.7% during the 2nd quarter. Amalgamated Bank now owns 26,757 shares of the technology company’s stock valued at $175,000 after acquiring an additional 2,805 shares during the period. Hedge funds and other institutional investors own 83.99% of the company’s stock.

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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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