Computer Task Group (CTG) Downgraded by Zacks Investment Research to Hold

Computer Task Group (NASDAQ:CTG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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 “

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Separately, ValuEngine downgraded shares of Computer Task Group from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th.

Computer Task Group stock opened at $8.28 on Friday. Computer Task Group has a one year low of $4.90 and a one year high of $8.62. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.55 and a quick ratio of 2.55. The stock has a market cap of $125.99, a PE ratio of 37.64, a price-to-earnings-growth ratio of 1.53 and a beta of 0.48.

Computer Task Group (NASDAQ:CTG) last posted its quarterly earnings data on Tuesday, February 20th. The information technology services provider reported $0.06 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.06. Computer Task Group had a net margin of 0.27% and a return on equity of 4.17%. The company had revenue of $74.60 million during the quarter, compared to the consensus estimate of $73.55 million. During the same period in the prior year, the business posted $0.07 EPS. The company’s quarterly revenue was down 3.7% on a year-over-year basis. sell-side analysts expect that Computer Task Group will post 0.36 earnings per share for the current fiscal year.

Computer Task Group declared that its board has approved a share buyback program on Thursday, February 15th that allows the company to buyback 1,000% of shares. This buyback authorization allows the information technology services provider to repurchase shares of its stock through a dutch auction. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, SVP Filip J. L. Gyde sold 30,798 shares of the stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $8.33, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Filip J. L. Gyde sold 40,000 shares of the stock in a transaction dated Monday, March 19th. The stock was sold at an average price of $8.30, for a total transaction 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 disclosure for this sale can be found here. Corporate insiders own 10.40% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Northern Trust Corp lifted its stake in Computer Task Group by 4.2% in the 2nd 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 during the last quarter. Dimensional Fund Advisors LP lifted its stake in Computer Task Group by 1.9% in the 3rd 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 during the last quarter. Deutsche Bank AG lifted its stake in Computer Task Group by 35.6% in the 4th quarter. Deutsche Bank AG now owns 61,402 shares of the information technology services provider’s stock valued at $313,000 after purchasing an additional 16,120 shares during the last quarter. Algert Global LLC lifted its stake in Computer Task Group by 67.7% in the 3rd quarter. Algert Global LLC now owns 42,243 shares of the information technology services provider’s stock valued at $226,000 after purchasing an additional 17,053 shares during the last quarter. Finally, Two Sigma Securities LLC acquired a new stake in Computer Task Group in the 4th quarter valued at about $109,000. Institutional investors and hedge funds own 46.70% of the company’s stock.

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Computer Task Group Company Profile

Computer Task Group, Incorporated, together with its subsidiaries, operates as an information technology solutions and staffing services company in North America, Europe, and India. Its IT solutions include the implementation and optimization of packaged software applications; development and deployment of customized software and solutions designed to fit the needs of a specific client or market; and design and distribution of complex technology components, as well as offers consulting services.

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