ConvergeOne (NASDAQ:CVON) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, The Fly reports.
CVON has been the topic of a number of other reports. Zacks Investment Research cut ConvergeOne from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. William Blair cut ConvergeOne from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, Needham & Company LLC cut ConvergeOne from a “buy” rating to a “hold” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. ConvergeOne presently has an average rating of “Hold” and an average price target of $11.50.
Shares of NASDAQ CVON traded up $2.98 during trading on Tuesday, reaching $12.41. The company had a trading volume of 5,335,547 shares, compared to its average volume of 51,640. ConvergeOne has a 12-month low of $7.95 and a 12-month high of $10.83. The stock has a market cap of $708.97 million, a P/E ratio of 32.66 and a beta of 0.30.
ConvergeOne (NASDAQ:CVON) last released its earnings results on Tuesday, October 30th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. ConvergeOne had a negative return on equity of 95.89% and a net margin of 1.60%. The firm had revenue of $404.75 million for the quarter, compared to analysts’ expectations of $392.71 million. As a group, equities research analysts expect that ConvergeOne will post 0.94 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of ConvergeOne by 47.6% in the third quarter. Wells Fargo & Company MN now owns 31,780 shares of the company’s stock worth $296,000 after acquiring an additional 10,250 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of ConvergeOne during the second quarter valued at $198,000. Northern Trust Corp purchased a new stake in shares of ConvergeOne during the second quarter valued at $631,000. Bank of New York Mellon Corp purchased a new stake in shares of ConvergeOne during the second quarter valued at $651,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of ConvergeOne during the third quarter valued at $931,000. 18.97% of the stock is currently owned by hedge funds and other institutional investors.
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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