William Blair lowered shares of ConvergeOne (NASDAQ:CVON) from an outperform rating to a market perform rating in a research report report published on Tuesday, The Fly reports.
Separately, Zacks Investment Research downgraded ConvergeOne from a buy rating to a hold rating in a research note on Thursday, August 9th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $11.50.
Shares of CVON opened at $12.45 on Tuesday. The stock has a market capitalization of $708.97 million, a PE ratio of 32.76 and a beta of 0.30. ConvergeOne has a one year low of $7.95 and a one year high of $12.49.
ConvergeOne (NASDAQ:CVON) last issued its earnings results on Tuesday, October 30th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.09. The company had revenue of $404.75 million during the quarter, compared to the consensus estimate of $392.71 million. ConvergeOne had a negative return on equity of 95.89% and a net margin of 1.60%. Analysts anticipate that ConvergeOne will post 0.95 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers acquired a new position in ConvergeOne during the 2nd quarter valued at about $198,000. Wells Fargo & Company MN boosted its stake in ConvergeOne by 47.6% during the 3rd quarter. Wells Fargo & Company MN now owns 31,780 shares of the company’s stock valued at $296,000 after purchasing an additional 10,250 shares during the last quarter. Northern Trust Corp purchased a new position in shares of ConvergeOne in the 2nd quarter worth approximately $631,000. Bank of New York Mellon Corp purchased a new position in shares of ConvergeOne in the 2nd quarter worth approximately $651,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of ConvergeOne in the 3rd quarter worth approximately $931,000. Institutional investors and hedge funds own 18.97% of the company’s stock.
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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