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

by · The Markets Daily

Converge Technology Solutions Corp. (TSE:CTS – Get Free Report) has earned a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is C$6.43.

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

Check Out Our Latest Analysis on CTS

Converge Technology Solutions Price Performance

Converge Technology Solutions stock opened at C$4.64 on Friday. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. Converge Technology Solutions has a one year low of C$2.24 and a one year high of C$6.06. The business has a fifty day moving average of C$4.40 and a two-hundred day moving average of C$4.76. The company has a market cap of C$905.73 million, a P/E ratio of -5.80, a price-to-earnings-growth ratio of 0.14 and a beta of 1.83.

Converge Technology Solutions (TSE:CTS – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share (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 firm had revenue of C$651.85 million during the quarter, compared to analysts’ expectations of C$645.18 million. As a group, analysts predict that Converge Technology Solutions will post 0.6347222 earnings per share for the current fiscal year.

Converge Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, September 10th were issued a $0.015 dividend. This represents a $0.06 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

Insiders Place Their Bets

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 10,105 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of C$4.42 per share, with a total value of C$44,684.31. 5.46% of the stock is currently owned by company insiders.

About Converge Technology Solutions

(Get Free Report

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.

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