Vonage Holdings Corp. (NYSE:VG) – Equities researchers at William Blair cut their FY2018 earnings estimates for Vonage in a research note issued to investors on Monday, November 5th. William Blair analyst J. Breen now expects that the technology company will post earnings of $0.21 per share for the year, down from their prior estimate of $0.33. William Blair has a “Outperform” rating on the stock. William Blair also issued estimates for Vonage’s FY2019 earnings at $0.20 EPS.
Vonage (NYSE:VG) last released its earnings results on Friday, November 2nd. The technology company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. Vonage had a positive return on equity of 17.66% and a negative net margin of 1.22%. The firm had revenue of $261.53 million for the quarter, compared to analysts’ expectations of $263.91 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut Vonage from a “buy” rating to a “hold” rating in a research report on Saturday, August 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective (up from $13.00) on shares of Vonage in a research report on Wednesday, August 1st. Finally, Citigroup increased their price objective on Vonage to $16.00 and gave the company a “buy” rating in a research report on Monday, July 16th. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Vonage presently has a consensus rating of “Buy” and a consensus target price of $14.00.
NYSE VG opened at $11.22 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.73 and a current ratio of 0.75. Vonage has a 12 month low of $8.65 and a 12 month high of $14.73. The firm has a market capitalization of $2.74 billion, a PE ratio of 40.07, a P/E/G ratio of 6.57 and a beta of -0.02.
In related news, CEO Alan Masarek sold 500,000 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $14.32, for a total transaction of $7,160,000.00. Following the sale, the chief executive officer now directly owns 495,189 shares of the company’s stock, valued at $7,091,106.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Citron sold 233,332 shares of the stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $14.43, for a total value of $3,366,980.76. Following the sale, the director now directly owns 10,650,784 shares in the company, valued at $153,690,813.12. The disclosure for this sale can be found here. Insiders have sold 2,345,329 shares of company stock worth $32,961,939 over the last ninety days. 8.70% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board bought a new position in Vonage in the third quarter valued at about $3,271,000. Trexquant Investment LP bought a new position in Vonage in the third quarter valued at about $219,000. Emancipation Management LLC lifted its holdings in Vonage by 36.1% in the third quarter. Emancipation Management LLC now owns 113,059 shares of the technology company’s stock valued at $1,601,000 after acquiring an additional 30,000 shares during the period. BlackRock Inc. lifted its holdings in Vonage by 1.8% in the third quarter. BlackRock Inc. now owns 31,519,028 shares of the technology company’s stock valued at $446,311,000 after acquiring an additional 548,508 shares during the period. Finally, Martingale Asset Management L P lifted its holdings in Vonage by 4.7% in the third quarter. Martingale Asset Management L P now owns 410,598 shares of the technology company’s stock valued at $5,815,000 after acquiring an additional 18,471 shares during the period. 85.29% of the stock is currently owned by institutional investors.
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.
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