Research Analysts Set Expectations for Converge Technology Solutions Corp.’s Q2 2024 Earnings (TSE:CTS)

Converge Technology Solutions Corp. (TSE:CTS) – Research analysts at Ventum Cap Mkts issued their Q2 2024 earnings estimates for Converge Technology Solutions in a research note issued on Tuesday, June 25th. Ventum Cap Mkts analyst R. Goff forecasts that the company will earn $0.11 per share for the quarter. Ventum Cap Mkts currently has a “Strong-Buy” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.54 per share. Ventum Cap Mkts also issued estimates for Converge Technology Solutions’ Q3 2024 earnings at $0.15 EPS, Q4 2024 earnings at $0.16 EPS, FY2025 earnings at $0.59 EPS, FY2026 earnings at $0.68 EPS and FY2027 earnings at $0.82 EPS.

Converge Technology Solutions (TSE:CTS) last announced its earnings results on Thursday, May 9th. The company reported C$0.11 EPS for the quarter, meeting analysts’ consensus estimates 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 firm had revenue of C$628.77 million for the quarter, compared to analysts’ expectations of C$661.10 million.

Several other equities research analysts have also recently issued reports on CTS. Eight Capital raised their price target on shares of Converge Technology Solutions from C$7.00 to C$9.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Cormark decreased their target price on shares of Converge Technology Solutions from C$7.00 to C$6.50 in a research report on Friday, May 10th. Raymond James boosted their price target on Converge Technology Solutions from C$5.50 to C$6.50 and gave the company an “outperform” rating in a report on Thursday, March 7th. Echelon Wealth Partners raised their price objective on 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. Finally, National Bankshares lifted their price objective on Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Converge Technology Solutions currently has a consensus rating of “Moderate Buy” and an average price target of C$6.63.

Converge Technology Solutions Stock Up 0.9 %

CTS opened at C$4.37 on Friday. The business’s fifty day simple moving average is C$5.05 and its 200 day simple moving average is C$4.86. Converge Technology Solutions has a 52 week low of C$2.24 and a 52 week high of C$6.06. The firm has a market cap of C$873.43 million, a P/E ratio of -437.00, a PEG ratio of 0.14 and a beta of 1.93. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 58.49.

Converge Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were paid a $0.015 dividend. The ex-dividend date was Wednesday, May 22nd. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.37%. This is a positive change from Converge Technology Solutions’s previous quarterly dividend of $0.01. Converge Technology Solutions’s dividend payout ratio (DPR) is -600.00%.

Insider Activity at Converge Technology Solutions

In related news, Senior Officer Greg Berard purchased 8,197 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was purchased 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 Greg Berard purchased 8,197 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were acquired at an average price of C$4.68 per share, for a total transaction of C$38,361.96. Also, Senior Officer Avjit Kamboj sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of C$4.62, for a total value of C$115,500.00. Company insiders own 5.45% 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.