Computer Task Group (NASDAQ:CTG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
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 “
Several other equities analysts also recently commented on the stock. TheStreet raised shares of Computer Task Group from a “d+” rating to a “c” rating in a report on Tuesday, October 24th. B. Riley set a $9.00 price target on shares of Computer Task Group and gave the company a “buy” rating in a research note on Monday, October 23rd.
Computer Task Group (NASDAQ:CTG) last released its earnings results on Tuesday, October 24th. The information technology services provider reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). Computer Task Group had a return on equity of 4.50% and a net margin of 0.78%. The company had revenue of $74.04 million during the quarter, compared to analysts’ expectations of $75.80 million. During the same period last year, the firm posted $0.04 EPS. Computer Task Group’s quarterly revenue was down 5.2% compared to the same quarter last year. analysts anticipate that Computer Task Group will post 0.22 earnings per share for the current fiscal year.
Computer Task Group announced that its board has initiated a share buyback plan on Tuesday, October 24th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in 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 valued at $4,522,000 after purchasing an additional 2,400 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in 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 valued at $4,158,000 after purchasing an additional 14,124 shares in the last quarter. Granahan Investment Management Inc. MA purchased a new stake in Computer Task Group during the third quarter valued at $611,000. Macquarie Group Ltd. purchased a new stake in Computer Task Group during the third quarter valued at $483,000. Finally, Northern Trust Corp raised its stake in Computer Task Group by 4.2% during the second quarter. Northern Trust Corp now owns 55,589 shares of the information technology services provider’s stock valued at $311,000 after purchasing an additional 2,247 shares in the last quarter. 45.69% 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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