Vonage (VG) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Vonage (NYSE:VG) from a hold rating to a buy rating in a research note published on Friday morning. The brokerage currently has $12.00 price objective 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. “

How to Become a New Pot Stock Millionaire

VG has been the topic of several other reports. ValuEngine raised shares of Vonage from a hold rating to a buy rating in a report on Thursday, March 1st. Robert W. Baird reaffirmed an outperform rating and issued a $12.00 price objective (up from $11.00) on shares of Vonage in a report on Thursday, February 22nd. Finally, Summit Redstone reissued a hold rating on shares of Vonage in a report on Friday, February 9th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $10.52.



Shares of VG stock traded down $0.12 during trading hours on Friday, hitting $11.13. The company’s stock had a trading volume of 801,042 shares, compared to its average volume of 1,040,589. The company has a market capitalization of $2,572.55, a P/E ratio of 39.75, a price-to-earnings-growth ratio of 6.18 and a beta of 0.04. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.67 and a quick ratio of 0.65. Vonage has a 12-month low of $6.28 and a 12-month high of $11.65.

Vonage (NYSE:VG) last released its quarterly earnings data on Wednesday, February 21st. The technology company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $254.00 million during the quarter, compared to analysts’ expectations of $254.19 million. Vonage had a negative net margin of 3.39% and a positive return on equity of 14.13%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. sell-side analysts forecast that Vonage will post 0.36 earnings per share for the current year.

In related news, CEO Alan Masarek sold 165,804 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $10.29, for a total transaction of $1,706,123.16. Following the sale, the chief executive officer now directly owns 983,423 shares of the company’s stock, valued at $10,119,422.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Citron sold 500,000 shares of the stock in a transaction on Friday, April 20th. The stock was sold at an average price of $11.25, for a total transaction of $5,625,000.00. Following the sale, the director now directly owns 12,247,439 shares in the company, valued at $137,783,688.75. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 100,000 shares of company stock worth $21,330 and have sold 2,208,707 shares worth $23,917,633. Corporate insiders own 14.05% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Vonage by 87.5% during the fourth 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 in the last quarter. LS Investment Advisors LLC lifted its holdings in Vonage by 83.5% during the fourth quarter. LS Investment Advisors LLC now owns 12,490 shares of the technology company’s stock valued at $127,000 after purchasing an additional 5,683 shares in the last quarter. Bank of Montreal Can lifted its holdings in Vonage by 103.4% during the fourth quarter. Bank of Montreal Can now owns 12,948 shares of the technology company’s stock valued at $131,000 after purchasing an additional 6,581 shares in the last quarter. Fortaleza Asset Management Inc. purchased a new position in Vonage during the fourth quarter valued at $142,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in Vonage during the fourth quarter valued at $146,000. 86.25% of the stock is currently owned by institutional investors and hedge funds.

WARNING: This story was published by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this story on another site, it was illegally stolen and republished in violation of international copyright & trademark laws. The legal version of this story can be viewed at https://stocknewstimes.com/2018/04/21/vonage-vg-upgraded-to-buy-by-zacks-investment-research.html.

About Vonage

Vonage Holdings Corp. provides communications services connecting people through cloud-connected devices worldwide. It offers various business services, including basic dial tone, call queue, conferencing, call groups, mobile functionality, CRM integration, and detailed analytics, as well as Vonage Business Cloud and Vonage Enterprise services.

Get a free copy of the Zacks research report on Vonage (VG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Vonage (NYSE:VG)

Receive News & Ratings for Vonage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vonage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply