Dallas, Texas 03/20/2014 (FINANCIALSTRENDS) – Vonage Holdings Corp.(NYSE:VG) is the midst of high-focus analyst coverage and research reports. Adding to the high drama around the stock, there has been some internal high action as well. This time it is the issue of insider selling.
Vonage Holdings Corp.(NYSE:VG) Director Jeffrey A. Citron chose to sell 500,000 shares of the stock on the open market. The sale price, on a per share basis was $4.47 and was valued at 2,2,35,000.00. This sale will now leave Citron with ownership of 16,849,409 shares. The approximate value of these shares will currently read $75,316,858. Details of the transaction of the sale of the shares were filed before the SEC.
The transactions, which happened on March 19, 2014, have been part of one of the reasons which has apparently triggered the analyst coverage and research reports.
Vonage Holdings Corp.(NYSE:VG) has since reported that the recent internal movements when viewed in the context of the company’s fundamentals in comparison to other companies in this sector has led to the company rating of Buy. The consensus price target for this stock is at $5.62.
The analysts who have thus far covered Vonage Holdings Corp.(NYSE:VG) include- EVA Dimensions. This firm posted an upgrade on the shares which Vonage Holdings can hold. The ‘underweight’ rating which it initially held was moved to ‘hold’ rating.
Vonage Holdings Corp.(NYSE:VG) was also covered by Dougherty & Co, who initiated coverage on the shares in the previous research note, back in January. Again the rating was considered as ‘outperform’ rating with the price fixed at $4.50, by Northland Securities. Additionally, the stock was also found to be analysed by two other analysts.
The consensus price rating across the analysts indicate that the current rating of buy was definitely the way forward for Vonage Holdings. The company currently holds market value of $947.6 million.