William Blair cut 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 cut ConvergeOne from a buy rating to a hold rating in a report on Thursday, August 9th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $11.50.
Shares of CVON traded down $0.01 during mid-day trading on Tuesday, reaching $12.46. The company had a trading volume of 206,576 shares, compared to its average volume of 344,291. ConvergeOne has a twelve month low of $7.95 and a twelve month high of $12.49. The stock has a market cap of $951.92 million, a PE ratio of 32.79 and a beta of 0.30.
ConvergeOne (NASDAQ:CVON) last issued its earnings results on Tuesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.09. ConvergeOne had a negative return on equity of 76.41% and a net margin of 1.60%. The business had revenue of $404.75 million during the quarter, compared to analysts’ expectations of $392.71 million. As a group, analysts anticipate that ConvergeOne will post 0.95 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Wednesday, November 21st will be given a dividend of $0.02 per share. The ex-dividend date is Tuesday, November 20th. This represents a $0.08 dividend on an annualized basis and a yield of 0.64%. ConvergeOne’s dividend payout ratio (DPR) is presently 21.05%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVON. Millennium Management LLC bought a new stake in ConvergeOne during the 1st quarter worth approximately $2,813,000. Rhumbline Advisers bought a new stake in ConvergeOne during the 2nd quarter worth approximately $198,000. Bank of New York Mellon Corp bought a new stake in ConvergeOne during the 2nd quarter worth approximately $651,000. Schwab Charles Investment Management Inc. bought a new stake in ConvergeOne during the 2nd quarter worth approximately $1,224,000. Finally, BlackRock Inc. grew its position in ConvergeOne by 425.5% during the 2nd quarter. BlackRock Inc. now owns 1,222,314 shares of the company’s stock worth $11,476,000 after acquiring an additional 989,695 shares during the last quarter. 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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