Zacks Investment Research downgraded shares of ConvergeOne (NASDAQ:CVON) from a hold rating to a sell rating in a research report report published on Tuesday.

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. “

Other research analysts have also issued reports about the company. ValuEngine raised ConvergeOne from a hold rating to a buy rating in a report on Wednesday, May 2nd. Needham & Company LLC began coverage on ConvergeOne in a report on Monday, March 19th. They issued a buy rating and a $12.00 price objective on the stock. William Blair began coverage on ConvergeOne in a report on Monday, March 19th. They issued an outperform rating on the stock. Cowen began coverage on ConvergeOne in a report on Tuesday, April 24th. They issued an outperform rating on the stock. Finally, Raymond James began coverage on ConvergeOne in a report on Wednesday, April 11th. They issued a market perform rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. ConvergeOne currently has a consensus rating of Buy and a consensus price target of $11.25.

ConvergeOne opened at $8.90 on Tuesday, MarketBeat Ratings reports. The company has a current ratio of 1.01, a quick ratio of 0.96 and a debt-to-equity ratio of -5.80. The company has a market cap of $630.12 million and a P/E ratio of 23.50. ConvergeOne has a 1-year low of $7.95 and a 1-year high of $10.83.

ConvergeOne (NASDAQ:CVON) last posted its earnings results on Thursday, May 10th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). The company had revenue of $306.34 million during the quarter, compared to analyst estimates of $298.00 million. equities analysts forecast that ConvergeOne will post 1.04 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, May 25th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Thursday, May 24th. ConvergeOne’s dividend payout ratio is 21.05%.

In other ConvergeOne news, Director David Boris sold 9,586 shares of the company’s stock in a transaction on Monday, May 21st. The stock was sold at an average price of $9.25, for a total value of $88,670.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVON. Tibra Equities Europe Ltd acquired a new stake in shares of ConvergeOne during the 1st quarter worth $1,186,000. Yakira Capital Management Inc. acquired a new stake in shares of ConvergeOne during the 1st quarter worth $216,000. Cowen Inc. acquired a new stake in shares of ConvergeOne during the 1st quarter worth $153,000. Finally, Millennium Management LLC acquired a new stake in shares of ConvergeOne during the 1st quarter worth $2,813,000. 4.02% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for ConvergeOne (NASDAQ:CVON)

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