Zacks Investment Research downgraded shares of Computer Task Group (NASDAQ:CTG) from a buy rating to a hold rating in a report released on Friday 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 “
Separately, ValuEngine cut Computer Task Group from a buy rating to a hold rating in a report on Wednesday, March 7th.
Computer Task Group (NASDAQ:CTG) last announced its earnings results on Tuesday, February 20th. The information technology services provider reported $0.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.06. Computer Task Group had a return on equity of 4.17% and a net margin of 0.27%. The firm had revenue of $74.60 million for the quarter, compared to analysts’ expectations of $73.55 million. During the same quarter in the previous year, the company earned $0.07 earnings per share. The firm’s quarterly revenue was down 3.7% compared to the same quarter last year. analysts expect that Computer Task Group will post 0.36 EPS for the current year.
Computer Task Group announced that its Board of Directors has approved a stock buyback program on Thursday, February 15th that permits the company to buyback 1,000% of outstanding shares. This buyback authorization permits the information technology services provider to buy shares of its stock through a dutch auction. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Computer Task Group news, insider Filip J. L. Gyde sold 40,000 shares of the company’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $8.30, for a total value of $332,000.00. Following the transaction, the insider now owns 152,975 shares of the company’s stock, valued at $1,269,692.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Filip J. L. Gyde sold 30,798 shares of the company’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $8.33, for a total value of $256,547.34. Following the completion of the transaction, the senior vice president now directly owns 152,975 shares in the company, valued at approximately $1,274,281.75. The disclosure for this sale can be found here. 10.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Minerva Advisors LLC increased its holdings in shares of Computer Task Group by 4.8% in the fourth quarter. Minerva Advisors LLC now owns 1,113,211 shares of the information technology services provider’s stock valued at $5,678,000 after buying an additional 50,770 shares in the last quarter. Macquarie Group Ltd. bought a new position in shares of Computer Task Group in the third quarter valued at $483,000. Dimensional Fund Advisors LP increased its holdings in shares of Computer Task Group by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 761,652 shares of the information technology services provider’s stock valued at $4,258,000 after buying an additional 7,570 shares in the last quarter. Algert Global LLC increased its holdings in shares of Computer Task Group by 249.2% in the fourth quarter. Algert Global LLC now owns 147,517 shares of the information technology services provider’s stock valued at $752,000 after buying an additional 105,274 shares in the last quarter. Finally, Granahan Investment Management Inc. MA bought a new position in shares of Computer Task Group in the third quarter valued at $611,000. 46.10% of the stock is currently owned by institutional investors.
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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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