Needham & Company LLC cut shares of ConvergeOne (NASDAQ:CVON) from a buy rating to a hold rating in a report published on Tuesday, The Fly reports.

Several other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of ConvergeOne from a buy rating to a hold rating in a research note on Thursday, August 9th. William Blair lowered shares of ConvergeOne from an outperform rating to a market perform rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $11.50.

Shares of CVON stock traded down $0.01 during trading hours on Tuesday, hitting $12.46. 206,576 shares of the company were exchanged, compared to its average volume of 344,291. ConvergeOne has a 52-week low of $7.95 and a 52-week high of $12.49. The firm has a market cap of $951.92 million, a P/E ratio of 32.79 and a beta of 0.30.

ConvergeOne (NASDAQ:CVON) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $392.71 million. Equities research analysts anticipate that ConvergeOne will post 0.95 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Wednesday, November 21st will be paid a dividend of $0.02 per share. The ex-dividend date is Tuesday, November 20th. This represents a $0.08 annualized dividend and a dividend yield of 0.64%. ConvergeOne’s payout ratio is currently 21.05%.

Institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new position in ConvergeOne in the 2nd quarter valued at approximately $198,000. Wells Fargo & Company MN grew its stake in ConvergeOne by 47.6% in the 3rd quarter. Wells Fargo & Company MN now owns 31,780 shares of the company’s stock valued at $296,000 after buying an additional 10,250 shares in the last quarter. JPMorgan Chase & Co. grew its stake in ConvergeOne by 23.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 52,845 shares of the company’s stock valued at $492,000 after buying an additional 10,135 shares in the last quarter. Northern Trust Corp purchased a new position in ConvergeOne in the 2nd quarter valued at approximately $631,000. Finally, Bank of New York Mellon Corp purchased a new position in ConvergeOne in the 2nd quarter valued at approximately $651,000. Institutional investors and hedge funds own 18.97% of the company’s stock.

About ConvergeOne

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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