Shares of ConvergeOne Holdings Inc (NASDAQ:CVON) have been given an average rating of “Hold” by the eight ratings firms that are covering the stock, Marketbeat reports. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of ConvergeOne from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. William Blair downgraded shares of ConvergeOne from an “outperform” rating to a “market perform” rating in a report on Tuesday. Needham & Company LLC downgraded shares of ConvergeOne from a “buy” rating to a “hold” rating in a report on Tuesday. BTIG Research reiterated a “neutral” rating on shares of ConvergeOne in a report on Wednesday. Finally, JPMorgan Chase & Co. downgraded shares of ConvergeOne from an “overweight” rating to a “neutral” rating in a report on Tuesday.
A number of institutional investors have recently added to or reduced their stakes in the stock. Scopia Capital Management LP purchased a new stake in ConvergeOne in the second quarter valued at approximately $19,009,000. BlackRock Inc. grew its holdings in ConvergeOne by 3.2% in the third quarter. BlackRock Inc. now owns 1,261,266 shares of the company’s stock valued at $11,742,000 after purchasing an additional 38,952 shares during the period. Millennium Management LLC purchased a new stake in ConvergeOne in the first quarter valued at approximately $2,813,000. Schwab Charles Investment Management Inc. purchased a new stake in ConvergeOne in the second quarter valued at approximately $1,224,000. Finally, Commonwealth Equity Services LLC purchased a new stake in ConvergeOne in the third quarter valued at approximately $931,000. Hedge funds and other institutional investors own 18.97% of the company’s stock.
Shares of CVON opened at $12.46 on Friday. The stock has a market cap of $948.10 million, a price-to-earnings ratio of 32.79 and a beta of 0.30. ConvergeOne has a 12-month low of $7.95 and a 12-month high of $12.49.
ConvergeOne (NASDAQ:CVON) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. The business had revenue of $404.75 million during the quarter, compared to the consensus estimate of $392.71 million. ConvergeOne had a net margin of 1.60% and a negative return on equity of 76.41%. Equities analysts expect that ConvergeOne will post 0.95 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Wednesday, November 21st will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.64%. ConvergeOne’s dividend payout ratio (DPR) is presently 21.05%.
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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