Vonage (VG) Remains a Buy Despite CEO Resignation - Northland Capital Markets

Northland Capital Markets analyst Michael Latimore reiterated an Outperform rating and $5.50 price target on Vonage (NYSE: VG) amid the CEO resignation.

"Yesterday, VG announced its CEO of six years, Marc Lefar, is going to resign by the earlier of year end or when VG finds a new CEO. Marc has done an excellent job of turning the company around during his tenure. We believe VG will look at internal and external candidates, especially ones in the growth areas of cloud phone systems and international consumer. Marc has about 5.1 mil vested options we estimate. Separately, in the press release, VG noted "continued strong performance" of its Vocalocity business."

For an analyst ratings summary and ratings history on Vonage click here. For more ratings news on Vonage click here.

Shares of Vonage closed at $4.10 yesterday.

You May Also Be Interested In

• HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
• Arista Networks (ANET) Announces COO Resignation
• Peapack-Gladstone Financial (PGC) Appoints Kate Sant'Angelo as SVP, Director of Personal Banking