Computer Task Group, Inc. (NASDAQ:CTG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, October 27th.
According to Zacks, “Computer Task Group, Incorporated provides information technology (IT) staffing, IT solutions, and application management outsourcing services in North America and Europe. The company’s staffing services consist of recruiting, retaining, and managing IT talent for its clients. Its IT solutions include helping clients assess their business needs and identifying the IT solutions for these needs, as well as the delivery of services, including the selection and implementation of packaged software, and the design, construction, testing, and integration of new systems. It serves primarily technology service providers, financial services, healthcare, and life sciences market areas.Computer Task Group was founded in 1966 by Randolph A. Marks and G. David Bae. The company is headquartered in Buffalo, New York “
Other analysts also recently issued research reports about the stock. B. Riley reaffirmed a “buy” rating and issued a $8.50 price target on shares of Computer Task Group in a report on Friday, July 28th. TheStreet raised shares of Computer Task Group from a “d+” rating to a “c” rating in a report on Tuesday, October 24th.
Computer Task Group (NASDAQ CTG) traded up $0.03 during midday trading on Friday, reaching $5.05. 74,400 shares of the company’s stock were exchanged, compared to its average volume of 33,094. The firm has a market capitalization of $77.77, a price-to-earnings ratio of 21.83, a PEG ratio of 2.28 and a beta of 1.22. Computer Task Group has a one year low of $4.00 and a one year high of $6.33.
Computer Task Group (NASDAQ:CTG) last released its quarterly earnings data on Tuesday, October 24th. The information technology services provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $74.04 million for the quarter, compared to analysts’ expectations of $75.80 million. Computer Task Group had a return on equity of 4.50% and a net margin of 0.78%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 EPS. analysts expect that Computer Task Group will post 0.22 EPS for the current fiscal year.
Computer Task Group announced that its board has initiated a stock repurchase program on Tuesday, October 24th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN raised its holdings in shares of Computer Task Group by 13.3% during the second quarter. Wells Fargo & Company MN now owns 17,785 shares of the information technology services provider’s stock worth $100,000 after purchasing an additional 2,092 shares during the period. Balter Liquid Alternatives LLC acquired a new stake in shares of Computer Task Group during the second quarter worth $117,000. JPMorgan Chase & Co. raised its holdings in shares of Computer Task Group by 21.8% during the first quarter. JPMorgan Chase & Co. now owns 23,827 shares of the information technology services provider’s stock worth $132,000 after purchasing an additional 4,262 shares during the period. Algert Global LLC acquired a new stake in shares of Computer Task Group during the second quarter worth $141,000. Finally, Crescent Grove Advisors LLC acquired a new stake in shares of Computer Task Group during the second quarter worth $192,000. Hedge funds and other institutional investors own 46.66% of the company’s stock.
About Computer Task Group
Computer Task Group, Incorporated (CTG) is an information technology (IT) solutions and staffing services company. The Company primarily operates in the segment of providing IT services to its clients. The Company has operations in North America and Europe. The Company is engaged in providing IT services, including IT Solutions, and IT and other Staffing.
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