Vonage Holdings Corp. (NASDAQ:VG) has been assigned an average recommendation of “Buy” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $16.67.
Several research analysts have issued reports on the company. KeyCorp increased their price objective on Vonage from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, July 22nd. Robert W. Baird reissued a “buy” rating and issued a $19.00 target price on shares of Vonage in a report on Friday, August 6th. Needham & Company LLC reissued a “hold” rating on shares of Vonage in a report on Tuesday, August 31st. Colliers Securities reissued a “buy” rating and issued a $20.00 target price on shares of Vonage in a report on Thursday, September 2nd. Finally, Zacks Investment Research raised Vonage from a “sell” rating to a “hold” rating in a report on Thursday, August 19th.
Shares of Vonage stock traded up $0.27 during trading hours on Friday, hitting $16.46. 5,390,075 shares of the company were exchanged, compared to its average volume of 2,596,958. Vonage has a 1 year low of $9.52 and a 1 year high of $16.65. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average of $14.22 and a 200-day moving average of $13.65. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of -164.60, a P/E/G ratio of 15.24 and a beta of 0.72.
In related news, Director Jeffrey A. Citron sold 200,000 shares of the stock in a transaction on Tuesday, June 22nd. The stock was sold at an average price of $15.03, for a total transaction of $3,006,000.00. Following the sale, the director now owns 8,438,113 shares of the company’s stock, valued at $126,824,838.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Vinod Lala sold 43,109 shares of the stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $16.25, for a total value of $700,521.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 393,109 shares of company stock worth $5,985,186. Corporate insiders own 4.72% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Vonage by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 26,337,306 shares of the company’s stock worth $379,520,000 after purchasing an additional 1,104,590 shares during the period. Park West Asset Management LLC raised its holdings in shares of Vonage by 12.2% in the 1st quarter. Park West Asset Management LLC now owns 9,000,000 shares of the company’s stock worth $106,380,000 after purchasing an additional 979,127 shares during the period. State Street Corp raised its holdings in shares of Vonage by 2.6% in the 2nd quarter. State Street Corp now owns 7,796,669 shares of the company’s stock worth $112,350,000 after purchasing an additional 200,329 shares during the period. Jana Partners LLC purchased a new position in shares of Vonage in the 1st quarter worth about $68,597,000. Finally, Legion Partners Asset Management LLC raised its holdings in shares of Vonage by 0.4% in the 2nd quarter. Legion Partners Asset Management LLC now owns 5,562,125 shares of the company’s stock worth $80,150,000 after purchasing an additional 24,104 shares during the period. Hedge funds and other institutional investors own 93.75% of the company’s stock.
Vonage Holdings Corp. engages in the provision of communication services through cloud-connected devices. It operates through the Business and Consumer segments. The Business segment provides cloud-based Unified Communications as a Service (UCaaS) solutions, which comprises of integrated voice, text, video, data, collaboration, and mobile applications over its scalable Session Initiation Protocol based Voice over Internet Protocol network.
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