Vonage (NYSE:VG) issued its earnings results on Wednesday. The technology company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.04, MarketWatch Earnings reports. The business had revenue of $280.00 million during the quarter, compared to analysts’ expectations of $277.82 million. Vonage had a return on equity of 15.33% and a net margin of 3.41%. Vonage’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.13 earnings per share.
Shares of NYSE:VG traded up $1.22 during midday trading on Wednesday, hitting $11.67. 510,009 shares of the stock were exchanged, compared to its average volume of 2,920,214. The company has a current ratio of 0.63, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. Vonage has a 52-week low of $7.91 and a 52-week high of $14.73. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 36.50, a P/E/G ratio of 11.47 and a beta of 0.60.
Several brokerages have recently commented on VG. Zacks Investment Research cut Vonage from a “hold” rating to a “sell” rating in a research report on Saturday, February 2nd. Guggenheim began coverage on Vonage in a research report on Monday, March 11th. They issued a “neutral” rating and a $10.00 target price for the company. Stephens reaffirmed a “buy” rating on shares of Vonage in a research report on Monday, April 29th. Finally, Summit Insights reaffirmed a “hold” rating on shares of Vonage in a research report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $14.50.
In other Vonage news, CFO David T. Pearson sold 74,633 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $9.93, for a total transaction of $741,105.69. Following the transaction, the chief financial officer now directly owns 427,775 shares in the company, valued at $4,247,805.75. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Vinod Lala sold 2,867 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $10.29, for a total value of $29,501.43. Following the transaction, the insider now owns 93,993 shares in the company, valued at $967,187.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,098,045 shares of company stock valued at $10,923,810. 7.41% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantamental Technologies LLC bought a new position in Vonage during the first quarter valued at about $52,000. Oregon Public Employees Retirement Fund bought a new position in Vonage during the fourth quarter valued at about $84,000. Sciencast Management LP bought a new position in Vonage during the first quarter valued at about $107,000. Eqis Capital Management Inc. raised its holdings in Vonage by 15.9% during the fourth quarter. Eqis Capital Management Inc. now owns 13,809 shares of the technology company’s stock valued at $121,000 after buying an additional 1,897 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Vonage by 94.6% during the first quarter. Victory Capital Management Inc. now owns 12,998 shares of the technology company’s stock valued at $130,000 after buying an additional 6,319 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: This report was published by Highlight Press and is the sole property of of Highlight Press. If you are reading this report on another domain, it was copied illegally and republished in violation of U.S. and international copyright legislation. The legal version of this report can be read at https://highlightpress.com/2019/05/08/vonage-vg-releases-quarterly-earnings-results-beats-expectations-by-0-04-eps.html.
Vonage Company Profile
Vonage Holdings Corp. provides cloud communications services for businesses and consumers. It operates through two segments, Business and Consumer. The Business segment offers cloud-based Unified Communications as a Service solutions, such as integrated voice, text, video, data, collaboration, contact center, and mobile applications through flexible, scalable Session Initiation protocol based VoIP network; Communications Platform as a Service solutions to developers designed to enhance the businesses communicate with customers by embedding communications into apps, Websites, and business processes; and Vonage Business Cloud and Vonage Enterprise services.
Recommended Story: Outstanding Shares
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.