Brokerages Set Converge Technology Solutions Corp. (TSE:CTS) Price Target at C$6.03

Converge Technology Solutions Corp. (TSE:CTS) has received a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is C$6.03.

Several analysts have recently weighed in on CTS shares. National Bankshares cut shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from C$6.00 to C$4.50 in a research note on Friday, October 25th. National Bank Financial lowered Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. CIBC reduced their target price on Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Canaccord Genuity Group lowered their price target on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Finally, Raymond James reduced their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th.

Insider Buying and Selling at Converge Technology Solutions

In other news, Senior Officer Greg Berard bought 10,105 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is owned by corporate insiders.

Converge Technology Solutions Stock Down 0.3 %

CTS stock opened at C$2.99 on Thursday. The company has a market cap of C$583.65 million, a price-to-earnings ratio of -3.74, a PEG ratio of 0.14 and a beta of 1.81. The firm has a 50-day moving average of C$4.31 and a two-hundred day moving average of C$4.58. Converge Technology Solutions has a 12 month low of C$2.74 and a 12 month high of C$6.06. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. The business had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. As a group, analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were issued a dividend of $0.015 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.06 annualized dividend and a yield of 2.01%. Converge Technology Solutions’s dividend payout ratio (DPR) is -7.50%.

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.