Zacks Investment Research upgraded shares of Computer Task Group (NASDAQ:CTG) from a sell rating to a hold rating in a research report released on Thursday morning.
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 “
A number of other equities research analysts have also issued reports on the company. B. Riley set a $9.00 target price on Computer Task Group and gave the stock a buy rating in a research report on Monday, October 23rd. TheStreet raised Computer Task Group from a d+ rating to a c rating in a research report on Tuesday, October 24th.
Shares of Computer Task Group (NASDAQ:CTG) traded down $0.06 during trading on Thursday, hitting $5.12. The stock had a trading volume of 25,400 shares, compared to its average volume of 19,267. The firm has a market capitalization of $80.25, a price-to-earnings ratio of 34.13, a price-to-earnings-growth ratio of 1.92 and a beta of 1.23. Computer Task Group has a twelve month low of $4.27 and a twelve month high of $6.33.
Computer Task Group (NASDAQ:CTG) last announced its quarterly earnings data on Tuesday, October 24th. The information technology services provider reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $74.04 million during the quarter, compared to analyst estimates of $75.80 million. Computer Task Group had a net margin of 0.78% and a return on equity of 4.50%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. research analysts expect that Computer Task Group will post 0.22 earnings per share for the current fiscal year.
Computer Task Group announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 24th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several institutional investors have recently made changes to their positions in CTG. Granahan Investment Management Inc. MA acquired a new stake in shares of Computer Task Group during the third quarter worth $611,000. Macquarie Group Ltd. acquired a new stake in shares of Computer Task Group during the third quarter worth $483,000. Algert Global LLC raised its position in shares of Computer Task Group by 67.7% during the third quarter. Algert Global LLC now owns 42,243 shares of the information technology services provider’s stock worth $226,000 after purchasing an additional 17,053 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Computer Task Group by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 775,776 shares of the information technology services provider’s stock worth $4,158,000 after purchasing an additional 14,124 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Computer Task Group by 0.3% during the second quarter. Vanguard Group Inc. now owns 808,976 shares of the information technology services provider’s stock worth $4,522,000 after purchasing an additional 2,400 shares during the period. 45.69% of the stock is currently owned by institutional investors.
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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