Vonage Holdings Corp. (VG) is Reiterated by Needham to Buy, Raises Price Target to $ 9

Vonage Holdings Corp. (VG) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 9 from a previous price target of $8 . Needham advised their investors in a research report released on Sep 26, 2016.

Many Wall Street Analysts have commented on Vonage Holdings Corp.. Robert W. Baird Initiated Vonage Holdings Corp. on Sep 14, 2016 to “Outperform”, Price Target of the shares are set at $8.Company shares were Reiterated by Dougherty & Company on Sep 12, 2016 to “Buy”, Firm has raised the Price Target to $ 9 from a previous price target of $8 .Company shares were Reiterated by Dougherty & Company on Aug 3, 2016 to “Buy”, Firm has raised the Price Target to $ 8 from a previous price target of $6 .

On the company’s financial health, Vonage Holdings Corp. reported $0.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.07. The company had revenue of $233.70 million for the quarter, compared to analysts expectations of $226.80 million. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 EPS.

Vonage Holdings Corp. opened for trading at $6.55 and hit $6.65 on the upside on Thursday, eventually ending the session at $6.64, with a gain of 2.63% or 0.17 points. The heightened volatility saw the trading volume jump to 36,56,857 shares. Company has a market cap of $1,437 M.

In a different news, on Aug 18, 2016, Kurt Rogers (Chief Legal Officer& Secretary) sold 313,852 shares at $6.01 per share price. According to the SEC, on Jun 30, 2016, Mcgonigal Graham (Chief Network Officer) sold 64,248 shares at $6.00 per share price. On May 16, 2016, Alan Masarek (CEO) purchased 126,460 shares at $3.91 per share price, according to the Form-4 filing with the securities and exchange commission.

Vonage Holdings Corp. is a provider of telecommunications and unified communications-as-a-service (UCaaS) solutions connecting people through cloud-connected devices around the world. The Company offers a scalable session initiation protocol (SIP)-based Voice over Internet Protocol (VoIP) network. Through this technology it offers voice and messaging services and other features around the world on various devices. This platform enables a user via a single identity either a number or user name to access and utilize services and features by being connected to the Internet over third generation (3G) Long-Term Evolution (LTE) cable or Digital Subscriber Line (DSL) broadband networks. The Company has operations in the United States the United Kingdom Brazil Israel and Canada. Its brand BasicTalk is a home phone service offering unlimited calling throughout the United States. It is focused on providing UCaaS solutions to domestic consumers and small and medium businesses.

Vonage Holdings Corp.

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