Converge Technology Solutions (TSE:CTS) Price Target Cut to C$4.50

Converge Technology Solutions (TSE:CTS) had its price target lowered by CIBC from C$5.00 to C$4.50 in a research note issued to investors on Friday, BayStreet.CA reports. CIBC’s target price points to a potential upside of 7.91% from the company’s previous close.

A number of other analysts also recently commented on the company. Cormark lowered their target price on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday. National Bankshares upped their target price on Converge Technology Solutions from C$6.00 to C$7.00 in a research note on Friday, May 10th. Ventum Cap Mkts upgraded Converge Technology Solutions to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and lowered their target price for the stock from C$6.00 to C$5.50 in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Converge Technology Solutions has a consensus rating of “Moderate Buy” and an average price target of C$6.43.

Converge Technology Solutions Stock Up 1.5 %

Shares of CTS traded up C$0.06 during trading hours on Friday, hitting C$4.17. The company had a trading volume of 385,627 shares, compared to its average volume of 489,162. The company’s fifty day moving average price is C$4.41 and its two-hundred day moving average price is C$4.91. Converge Technology Solutions has a one year low of C$2.24 and a one year high of C$6.06. The company has a market capitalization of C$833.46 million, a PE ratio of -417.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.93. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 58.49.

Converge Technology Solutions (TSE:CTS) last announced its earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.11. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. The company had revenue of C$628.77 million for the quarter, compared to analyst estimates of C$661.10 million. As a group, equities analysts forecast that Converge Technology Solutions will post 0.5411111 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Converge Technology Solutions news, Senior Officer Greg Berard purchased 8,197 shares of the stock in a transaction on Tuesday, June 4th. The shares were bought at an average price of C$4.68 per share, for a total transaction of C$38,361.96. In other Converge Technology Solutions news, Senior Officer Avjit Kamboj sold 30,600 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of C$4.41, for a total transaction of C$134,946.00. Also, Senior Officer Greg Berard bought 8,197 shares of Converge Technology Solutions stock in a transaction on Tuesday, June 4th. The shares were purchased at an average cost of C$4.68 per share, with a total value of C$38,361.96. 5.45% of the stock is currently owned by company insiders.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.