Computer Task Group, Incorporated (NASDAQ:CTG) Lowered to “Sell” at Zacks Investment Research

Computer Task Group, Incorporated (NASDAQ:CTG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday, October 27th.

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 research firms also recently weighed in on CTG. B. Riley reiterated a “buy” rating and set a $8.75 price target on shares of Computer Task Group, in a research note on Thursday, July 20th. TheStreet raised Computer Task Group, from a “d+” rating to a “c” rating in a report on Tuesday, October 24th.

Shares of Computer Task Group, (NASDAQ CTG) opened at $5.02 on Friday. Computer Task Group, has a one year low of $4.00 and a one year high of $6.33. The stock has a market capitalization of $77.77, a P/E ratio of 21.83, a P/E/G ratio of 2.28 and a beta of 1.22.

Computer Task Group, (NASDAQ:CTG) last announced its quarterly earnings results on Tuesday, October 24th. The information technology services provider reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). Computer Task Group, had a net margin of 0.78% and a return on equity of 4.50%. The company had revenue of $74.04 million during the quarter, compared to analysts’ expectations of $75.80 million. During the same quarter in the prior year, the business posted $0.04 earnings per share. The company’s revenue was down 5.2% compared to the same quarter last year. equities analysts anticipate that Computer Task Group, will post 0.22 EPS for the current year.

Computer Task Group, declared that its board has authorized a share repurchase program on Tuesday, October 24th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTG. Macquarie Group Ltd. purchased a new stake in Computer Task Group, during the 3rd quarter worth approximately $483,000. Perkins Capital Management Inc. purchased a new stake in Computer Task Group, during the 2nd quarter worth approximately $245,000. Goldman Sachs Group Inc. increased its stake in Computer Task Group, by 93.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 80,160 shares of the information technology services provider’s stock worth $442,000 after buying an additional 38,719 shares in the last quarter. Crescent Grove Advisors LLC purchased a new stake in Computer Task Group, during the 2nd quarter worth approximately $192,000. Finally, Algert Global LLC purchased a new stake in Computer Task Group, during the 2nd quarter worth approximately $141,000. 46.64% of the stock is 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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