Needham Releases a Buy Rating on Vonage Holdings (VG)


Needham analyst Richard Valera assigned a Buy rating to Vonage Holdings (VG) today and set a price target of $13.00. The company’s shares closed last Monday at $10.37.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 11.9% and a 63.3% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

Currently, the analyst consensus on Vonage Holdings is a Strong Buy with an average price target of $12.56, which is a 18.7% upside from current levels. In a report issued on June 4, Citigroup also maintained a Buy rating on the stock with a $12.50 price target.

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The company has a one-year high of $13.75 and a one-year low of $4.18. Currently, Vonage Holdings has an average volume of 4.12M.

Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of VG in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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. The Consumer segment offers UCaaS services and features, via a single identity. The company was founded by Jeffrey Adam Citron on May 1, 2000 and is headquartered in Holmdel, NJ.

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