Zacks Investment Research lowered shares of ConvergeOne (NASDAQ:CVON) from a hold rating to a sell rating in a research note published on Wednesday.
According to Zacks, “ConvergeOne Holdings, Inc. operates as a IT services provider of collaboration and technology solutions for large and medium enterprises. The company provides technology offerings which span the core technology markets – collaboration, enterprise networking, data center, cloud and security. It has partnership with Avaya, Cisco, IBM, Genesys and Microsoft to customize specific business outcomes. ConvergeOne Holdings Inc. formerly known Forum Merger Corporation is based in Eagan, Minnesota. “
Shares of NASDAQ:CVON traded up $0.03 during midday trading on Wednesday, reaching $8.67. 45,158 shares of the company traded hands, compared to its average volume of 135,819. The company has a debt-to-equity ratio of -5.41, a quick ratio of 1.04 and a current ratio of 1.10. ConvergeOne has a 12 month low of $7.95 and a 12 month high of $10.83. The firm has a market cap of $711.27 million, a price-to-earnings ratio of 22.82 and a beta of 0.55.
ConvergeOne (NASDAQ:CVON) last released its quarterly earnings data on Thursday, August 9th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The company had revenue of $391.01 million for the quarter, compared to the consensus estimate of $354.63 million. Equities analysts predict that ConvergeOne will post 0.96 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Friday, August 24th were paid a dividend of $0.02 per share. The ex-dividend date was Thursday, August 23rd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.92%. ConvergeOne’s payout ratio is 21.05%.
Several large investors have recently added to or reduced their stakes in the stock. Northern Trust Corp bought a new stake in shares of ConvergeOne during the 2nd quarter valued at $631,000. Bank of New York Mellon Corp bought a new stake in shares of ConvergeOne during the 2nd quarter valued at $651,000. Scopia Capital Management LP bought a new stake in shares of ConvergeOne during the 2nd quarter valued at $19,009,000. BlackRock Inc. raised its stake in shares of ConvergeOne by 425.5% during the 2nd quarter. BlackRock Inc. now owns 1,222,314 shares of the company’s stock valued at $11,476,000 after purchasing an additional 989,695 shares during the period. Finally, Schwab Charles Investment Management Inc. purchased a new position in ConvergeOne during the second quarter worth about $1,224,000. Institutional investors 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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