Computer Task Group (NASDAQ:CTG) downgraded by Zacks Investment Research

IT Working Group (NASDAQ:CTG – Get a rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Computer Task Group, Incorporated provides IT staffing services, 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 IT solutions for those needs, as well as providing services, including the selection and software package implementation, as well as the design, build, testing, and integration of new systems.It primarily serves the technology service providers, financial services, healthcare, and life science markets. Computer Task Group was founded in 1966 by Randolph A. Marks and G. David Bae. The company is headquartered in Buffalo, New York.”

Separately, StockNews.com launched coverage on Computer Task Group in a report on Tuesday. They issued a “buy” rating for the company.

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CTG stock was down $0.06 during Friday’s trading, hitting $9.02. 39,957 shares of the stock are trading in the hands, compared to its average volume of 26,330. The company’s 50-day moving average price is $8.85 and its 200-day moving average price is of $8.54. Computer Task Group has a 52-week low of $6.77 and a 52-week high of $11.68. The company has a market capitalization of $138.39 million, a PE ratio of 19.61, a P/E/G ratio of 0.59 and a beta of 0.81.

IT Working Group (NASDAQ:CTG – Get a rating) last released its quarterly results on Monday, February 21. The information technology service provider reported earnings per share (EPS) of $0.25 for the quarter, beating the Zacks consensus estimate of $0.17 by $0.08. Computer Task Group achieved a return on equity of 9.67% and a net margin of 1.81%. In the same quarter of the previous year, the company had earned earnings per share of $0.14. Equity research analysts expect Computer Task Group to post EPS of 0.56 for the current year.

Institutional investors and hedge funds have recently increased or reduced their stakes in the company. BlackRock Inc. increased its position in Computer Task Group shares by 0.6% during the fourth quarter. BlackRock Inc. now owns 283,494 shares of the information technology service provider valued at $2,826,000 after acquiring 1,827 additional shares in the last quarter. Minerva Advisors LLC increased its position in Computer Task Group shares by 0.9% during the fourth quarter. Minerva Advisors LLC now owns 1,228,729 shares of the information technology service provider valued at $12,251,000 after acquiring 11,325 additional shares in the last quarter. Fosun International Ltd increased its position in Computer Task Group shares by 3.6% during the fourth quarter. Fosun International Ltd now owns 56,837 shares of the information technology service provider valued at $544,000 after acquiring an additional 2,000 shares in the last quarter. Lewis Capital Management LLC acquired a new stake in the shares of Computer Task Group during the 4th quarter at a value of $3,541,000. Finally, LPL Financial LLC acquired a new stake in the shares of Computer Task Group during the 3rd quarter at a value of $80,000. Hedge funds and other institutional investors own 53.52% of the company’s shares.

IT Workgroup Company Profile (Get a rating)

Computer Task Group, Inc is engaged in the provision of information technology solutions and staffing services. The company’s services encompass the information technology enterprise solution lifecycle, including the planning, development, implementation, management and maintenance phases of the information technology solution. information.

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