Computer Task Group, (CTG) Board of Directors Authorizes Stock Buyback Plan
Computer Task Group, (NASDAQ:CTG) announced that its board has initiated a stock buyback program, which permits the company to buyback $10.00 million in outstanding shares on Tuesday, October 24th, EventVestor reports. This buyback authorization permits the information technology services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Shares of Computer Task Group, (NASDAQ:CTG) traded down 2.62% during mid-day trading on Tuesday, reaching $5.20. 23,499 shares of the company’s stock were exchanged. Computer Task Group, has a 52-week low of $3.87 and a 52-week high of $6.33. The company has a 50 day moving average price of $5.27 and a 200 day moving average price of $5.48. The firm’s market cap is $81.63 million.
Computer Task Group, (NASDAQ:CTG) last announced its quarterly earnings data on Monday, October 23rd. The information technology services provider reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). Computer Task Group, had a negative net margin of 4.50% and a positive return on equity of 4.27%. The business had revenue of $74.04 million during the quarter, compared to analysts’ expectations of $75.80 million. During the same period last year, the company posted $0.04 EPS. Computer Task Group,’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts forecast that Computer Task Group, will post $0.24 earnings per share for the current fiscal year.
Separately, B. Riley set a $9.00 target price on shares of Computer Task Group, and gave the company a “buy” rating in a research report on Monday.
Computer Task Group, Company Profile
Computer Task Group, Incorporated (CTG) is an information technology (IT) solutions and staffing services company. The Company primarily operates in the segment of providing IT services to its clients. The Company has operations in North America and Europe. The Company is engaged in providing IT services, including IT Solutions, and IT and other Staffing.
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