Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of ConvergeOne from a hold rating to a sell rating in a research report on Wednesday, October 10th. William Blair cut shares of ConvergeOne from an outperform rating to a market perform rating in a research report on Tuesday. Needham & Company LLC cut shares of ConvergeOne from a buy rating to a hold rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut shares of ConvergeOne from an overweight rating to a neutral rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. ConvergeOne currently has a consensus rating of Hold and a consensus price target of $11.50.
Shares of CVON stock traded down $0.01 on Wednesday, reaching $12.46. 206,576 shares of the company were exchanged, compared to its average volume of 344,291. The stock has a market capitalization of $951.92 million, a PE ratio of 32.79 and a beta of 0.30. ConvergeOne has a one year low of $7.95 and a one year high of $12.49.
ConvergeOne (NASDAQ:CVON) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.09. ConvergeOne had a net margin of 1.60% and a negative return on equity of 76.41%. The business had revenue of $404.75 million for the quarter, compared to analysts’ expectations of $392.71 million. As a group, research analysts forecast that ConvergeOne will post 0.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Wednesday, November 21st will be given a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $0.08 annualized dividend and a yield of 0.64%. ConvergeOne’s payout ratio is 21.05%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers bought a new position in ConvergeOne in the 2nd quarter valued at about $198,000. Wells Fargo & Company MN lifted its position in ConvergeOne by 47.6% in the 3rd quarter. Wells Fargo & Company MN now owns 31,780 shares of the company’s stock valued at $296,000 after acquiring an additional 10,250 shares in the last quarter. JPMorgan Chase & Co. lifted its position in ConvergeOne by 23.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 52,845 shares of the company’s stock valued at $492,000 after acquiring an additional 10,135 shares in the last quarter. Northern Trust Corp bought a new position in ConvergeOne in the 2nd quarter valued at about $631,000. Finally, Bank of New York Mellon Corp bought a new position in shares of ConvergeOne during the 2nd quarter worth approximately $651,000. 18.97% of the stock is currently owned by institutional investors and hedge funds.
ConvergeOne Company Profile
ConvergeOne Holdings, Inc provides collaboration and technology solutions for large and medium enterprises in the United States. The company offers unified communications solutions, including communications applications, such as voice, email, presence, chat/text, and video technologies; voice and text messaging solutions; mobility and bring your own device solutions for business continuity with the seamless connection of mobile, landline, cellular, and Wi-Fi enabled devices; conferencing solutions, as well as streaming and recording, and security services; and software integration services.
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