Vonage Holdings (VG) Receives a Buy from Needham


Needham analyst Richard Valera assigned a Buy rating to Vonage Holdings (VG) today and set a price target of $11.00. The company’s shares closed last Thursday at $9.06.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 7.7% and a 58.3% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

Vonage Holdings has an analyst consensus of Strong Buy, with a price target consensus of $12.28, which is a 35.9% upside from current levels. In a report issued on April 23, Morgan Stanley also maintained a Buy rating on the stock with a $9.50 price target.

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Based on Vonage Holdings’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $310 million and GAAP net loss of $2.38 million. In comparison, last year the company earned revenue of $274 million and had a GAAP net loss of $6.94 million.

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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.

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