Analysts Set Converge Technology Solutions Corp. (TSE:CTS) PT at C$6.63

Shares of Converge Technology Solutions Corp. (TSE:CTS) have been assigned a consensus rating of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is C$6.63.

Several equities research analysts have recently commented on the stock. CIBC lifted their price target on shares of Converge Technology Solutions from C$4.50 to C$5.00 and gave the stock a “neutral” rating in a research report on Thursday, March 7th. Raymond James lifted their price objective on Converge Technology Solutions from C$5.50 to C$6.50 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Desjardins upped their price target on Converge Technology Solutions from C$6.00 to C$7.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Eight Capital boosted their price objective on shares of Converge Technology Solutions from C$7.00 to C$9.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Finally, Ventum Cap Mkts raised shares of Converge Technology Solutions to a “strong-buy” rating in a research report on Tuesday, June 25th.

Insiders Place Their Bets

In related news, Senior Officer Greg Berard bought 8,197 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was bought at an average price of C$4.68 per share, for a total transaction of C$38,361.96. In other news, Senior Officer Greg Berard acquired 8,197 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were purchased at an average cost of C$4.68 per share, with a total value of C$38,361.96. Also, Senior Officer Avjit Kamboj sold 30,600 shares of Converge Technology Solutions stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$4.41, for a total value of C$134,946.00. Company insiders own 5.45% of the company’s stock.

Converge Technology Solutions Stock Down 1.6 %

Shares of CTS opened at C$4.30 on Friday. The business’s fifty day moving average price is C$5.03 and its two-hundred day moving average price is C$4.87. The firm has a market capitalization of C$859.44 million, a price-to-earnings ratio of -430.00, a PEG ratio of 0.14 and a beta of 1.93. Converge Technology Solutions has a 52 week low of C$2.24 and a 52 week high of C$6.06. The company has a debt-to-equity ratio of 58.49, a quick ratio of 0.68 and a current ratio of 0.93.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.11. The business had revenue of C$628.77 million for the quarter, compared to analysts’ expectations of C$661.10 million. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. On average, analysts predict that Converge Technology Solutions will post 0.5411111 earnings per share for the current year.

Converge Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were issued a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.40%. This is a boost from Converge Technology Solutions’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Wednesday, May 22nd. Converge Technology Solutions’s dividend payout ratio is presently -600.00%.

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.