In a report released today, Michael Latimore from Northland Securities maintained a Buy rating on Vonage Holdings (VG), with a price target of $16.00. The company’s shares closed last Thursday at $12.53, close to its 52-week high of $13.75.
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 19.7% and a 58.5% success rate. Latimore covers the Technology sector, focusing on stocks such as Comtech Telecommunications, Synchronoss Technologies, and Ribbon Communications.
Vonage Holdings has an analyst consensus of Strong Buy, with a price target consensus of $13.40, which is a 5.8% upside from current levels. In a report issued on July 30, Citigroup also maintained a Buy rating on the stock with a $13.50 price target.
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Based on Vonage Holdings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $297 million and GAAP net loss of $3.76 million. In comparison, last year the company earned revenue of $280 million and had a GAAP net loss of $534K.
Based on the recent corporate insider activity of 95 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.
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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.