Analysts Set Converge Technology Solutions Corp. (TSE:CTS) Price Target at C$6.43

Converge Technology Solutions Corp. (TSE:CTS) has been assigned a consensus rating of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is C$6.43.

A number of brokerages recently commented on CTS. Ventum Cap Mkts raised Converge Technology Solutions to a “strong-buy” rating in a research note on Tuesday, June 25th. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and cut their target price for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. CIBC reduced their price target on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Friday, August 9th. Finally, Cormark lowered their price objective on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th.

Converge Technology Solutions Stock Performance

Converge Technology Solutions stock opened at C$4.53 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08. The firm has a market cap of C$884.26 million, a P/E ratio of -5.70, a P/E/G ratio of 0.14 and a beta of 1.83. Converge Technology Solutions has a 1-year low of C$2.24 and a 1-year high of C$6.06. The firm has a 50-day moving average of C$4.38 and a 200-day moving average of C$4.76.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, topping the consensus estimate of C$0.12 by C$0.07. The business had revenue of C$651.85 million during the quarter, compared to analysts’ expectations of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. Sell-side analysts expect that Converge Technology Solutions will post 0.6347222 EPS for the current year.

Converge Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were paid a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio is -7.50%.

Insider Activity

In related news, Senior Officer Greg Berard purchased 10,105 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, for a total transaction of C$44,684.31. Company insiders own 5.46% of the company’s stock.

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.