JPMorgan Chase & Co. Downgrades ConvergeOne (CVON) to Neutral

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JPMorgan Chase & Co. cut shares of ConvergeOne (NASDAQ:CVON) from an overweight rating to a neutral rating in a report issued on Tuesday, The Fly reports.

Several other brokerages have also recently issued reports on CVON. William Blair cut shares of ConvergeOne from an outperform rating to a market perform rating in a research report on Tuesday. Needham & Company LLC cut shares of ConvergeOne from a buy rating to a hold rating in a report on Tuesday. Finally, Zacks Investment Research cut shares of ConvergeOne from a buy rating to a hold rating in a report on Thursday, August 9th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. ConvergeOne currently has an average rating of Hold and a consensus target price of $11.50.

Shares of NASDAQ CVON traded down $0.01 during midday trading on Tuesday, hitting $12.46. 206,576 shares of the company traded hands, compared to its average volume of 344,291. ConvergeOne has a 12-month low of $7.95 and a 12-month high of $12.49. The stock has a market capitalization of $951.92 million, a P/E ratio of 32.79 and a beta of 0.30.

ConvergeOne (NASDAQ:CVON) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.09. ConvergeOne had a net margin of 1.60% and a negative return on equity of 76.41%. The company had revenue of $404.75 million for the quarter, compared to analysts’ expectations of $392.71 million. On average, equities analysts anticipate that ConvergeOne will post 0.95 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Wednesday, November 21st will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, November 20th. ConvergeOne’s dividend payout ratio (DPR) is presently 21.05%.

A number of institutional investors and hedge funds have recently made changes to their positions in CVON. Scopia Capital Management LP purchased a new stake in ConvergeOne in the second quarter worth about $19,009,000. BlackRock Inc. grew its holdings in ConvergeOne by 425.5% in the second quarter. BlackRock Inc. now owns 1,222,314 shares of the company’s stock worth $11,476,000 after purchasing an additional 989,695 shares during the period. Millennium Management LLC purchased a new stake in ConvergeOne in the first quarter worth about $2,813,000. Schwab Charles Investment Management Inc. purchased a new stake in ConvergeOne in the second quarter worth about $1,224,000. Finally, Commonwealth Equity Services LLC purchased a new stake in ConvergeOne in the third quarter worth about $931,000. Institutional investors and hedge funds own 18.97% of the company’s stock.

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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