Computer Task Group (NASDAQ:CTG) Stock Rating Lowered by Zacks Investment Research

Computer Task Group (NASDAQ:CTG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

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 “

Shares of CTG stock opened at $9.87 on Thursday. The firm’s 50-day moving average is $8.15 and its 200-day moving average is $8.77. The stock has a market cap of $151.44 million, a price-to-earnings ratio of 21.46, a PEG ratio of 0.73 and a beta of 0.71. Computer Task Group has a 52-week low of $6.04 and a 52-week high of $11.68.

Computer Task Group (NASDAQ:CTG) last issued its earnings results on Tuesday, November 9th. The information technology services provider reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.02. The company had revenue of $90.60 million for the quarter, compared to analysts’ expectations of $91.19 million. Computer Task Group had a net margin of 1.81% and a return on equity of 9.67%. During the same period in the prior year, the firm earned $0.18 EPS. As a group, research analysts anticipate that Computer Task Group will post 0.56 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC bought a new position in Computer Task Group in the 3rd quarter valued at about $80,000. Millennium Management LLC raised its holdings in Computer Task Group by 16.9% in the 3rd quarter. Millennium Management LLC now owns 15,959 shares of the information technology services provider’s stock valued at $127,000 after acquiring an additional 2,304 shares during the period. Ancora Advisors LLC raised its holdings in Computer Task Group by 21.6% in the 3rd quarter. Ancora Advisors LLC now owns 165,661 shares of the information technology services provider’s stock valued at $1,322,000 after acquiring an additional 29,383 shares during the period. Knightsbridge Asset Management LLC raised its holdings in Computer Task Group by 6.0% in the 3rd quarter. Knightsbridge Asset Management LLC now owns 30,110 shares of the information technology services provider’s stock valued at $240,000 after acquiring an additional 1,710 shares during the period. Finally, Granahan Investment Management Inc. MA grew its position in shares of Computer Task Group by 2.9% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 539,873 shares of the information technology services provider’s stock worth $4,308,000 after purchasing an additional 15,260 shares in the last quarter. 52.77% of the stock is currently owned by hedge funds and other institutional investors.

Computer Task Group Company Profile

Computer Task Group, Inc engages in the provision of information technology solutions and staffing services. The firm’s services encompass the information technology business solution life cycle, including phases for planning, developing, implementing, managing, and maintaining the information technology solution.

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