Converge Technology Solutions Corp. (TSE:CTS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Converge Technology Solutions Corp. (TSE:CTS) have been given an average recommendation of “Moderate Buy” by the seven analysts that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is C$6.47.

CTS has been the topic of a number of research reports. Echelon Wealth Partners boosted their target price on shares of Converge Technology Solutions from C$5.80 to C$6.25 and gave the stock a “sector perform” rating in a report on Thursday, March 7th. CIBC lifted their target price on shares of Converge Technology Solutions from C$4.50 to C$5.00 and gave the stock a “neutral” rating in a research note on Thursday, March 7th. TD Securities boosted their target price on shares of Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a “hold” rating in a report on Thursday, March 7th. Raymond James increased their price target on Converge Technology Solutions from C$5.50 to C$6.50 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Finally, Eight Capital boosted their price objective on Converge Technology Solutions from C$7.00 to C$9.00 and gave the company a “buy” rating in a research note on Thursday, March 7th.

Converge Technology Solutions Stock Up 2.7 %

CTS stock opened at C$5.73 on Thursday. The stock has a market capitalization of C$1.17 billion, a P/E ratio of -573.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.91. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 71.05. The firm has a 50-day moving average price of C$5.52 and a 200-day moving average price of C$4.53. Converge Technology Solutions has a 12 month low of C$2.24 and a 12 month high of C$6.06.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Wednesday, March 6th. The company reported C$0.19 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative return on equity of 1.03% and a negative net margin of 0.05%. The company had revenue of C$651.09 million for the quarter, compared to the consensus estimate of C$712.08 million. As a group, equities research analysts anticipate that Converge Technology Solutions will post 0.599777 EPS for the current fiscal year.

Converge Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Tuesday, March 12th were paid a $0.01 dividend. The ex-dividend date was Monday, March 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.70%. Converge Technology Solutions’s dividend payout ratio is presently -400.00%.

Insider Activity at Converge Technology Solutions

In other news, Senior Officer Greg Berard acquired 8,775 shares of Converge Technology Solutions stock in a transaction on Wednesday, March 20th. The stock was purchased at an average price of C$5.80 per share, with a total value of C$50,895.00. Insiders bought 11,590 shares of company stock valued at $66,944 in the last three months. Corporate insiders own 5.83% of the company’s stock.

About Converge Technology Solutions

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.