Zacks Investment Research Lowers Computer Task Group (CTG) to Sell
Zacks Investment Research downgraded shares of Computer Task Group (NASDAQ:CTG) from a hold rating to a sell rating in a report issued on Tuesday.
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 research analysts also recently issued research reports about the company. Barrington Research upgraded Computer Task Group from a market perform rating to an outperform rating and set a $9.00 price objective on the stock in a report on Friday, June 15th. ValuEngine upgraded Computer Task Group from a hold rating to a buy rating in a report on Monday, July 2nd. Two equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $9.00.
Computer Task Group (NASDAQ:CTG) last issued its quarterly earnings results on Thursday, July 19th. The information technology services provider reported $0.08 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.08. Computer Task Group had a return on equity of 4.78% and a net margin of 0.30%. The company had revenue of $92.67 million for the quarter, compared to the consensus estimate of $88.06 million. research analysts expect that Computer Task Group will post 0.31 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in shares of Computer Task Group by 15.7% in the 2nd quarter. Renaissance Technologies LLC now owns 984,300 shares of the information technology services provider’s stock valued at $7,618,000 after acquiring an additional 133,700 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Computer Task Group by 13.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 956,611 shares of the information technology services provider’s stock worth $7,404,000 after buying an additional 114,374 shares during the last quarter. Granahan Investment Management Inc. MA grew its stake in Computer Task Group by 15.9% during the 2nd quarter. Granahan Investment Management Inc. MA now owns 302,467 shares of the information technology services provider’s stock worth $2,341,000 after buying an additional 41,384 shares during the last quarter. Acadian Asset Management LLC grew its stake in Computer Task Group by 71.5% during the 2nd quarter. Acadian Asset Management LLC now owns 240,680 shares of the information technology services provider’s stock worth $1,863,000 after buying an additional 100,325 shares during the last quarter. Finally, Ancora Advisors LLC grew its stake in Computer Task Group by 6.8% during the 1st quarter. Ancora Advisors LLC now owns 207,567 shares of the information technology services provider’s stock worth $1,700,000 after buying an additional 13,218 shares during the last quarter. Institutional investors and hedge funds own 51.08% of the company’s stock.
Computer Task Group Company Profile
Computer Task Group, Incorporated, together with its subsidiaries, operates as an information technology solutions and staffing services company in North America, Europe, and India. Its IT solutions include the implementation and optimization of packaged software applications; development and deployment of customized software and solutions designed to fit the needs of a specific client or market; and design and distribution of complex technology components, as well as offers consulting services.
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