CIBC Lowers Converge Technology Solutions (TSE:CTS) Price Target to C$4.00

Converge Technology Solutions (TSE:CTS) had its target price decreased by CIBC from C$5.00 to C$4.00 in a research report released on Friday, BayStreet.CA reports.

A number of other research analysts have also recently weighed in on CTS. Cormark dropped their price objective on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from C$6.00 to C$4.50 in a research report on Friday. Raymond James decreased their price objective on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Finally, TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and cut their target price for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Converge Technology Solutions currently has an average rating of “Moderate Buy” and a consensus price target of C$6.03.

Converge Technology Solutions Stock Down 5.6 %

CTS opened at C$3.19 on Friday. Converge Technology Solutions has a one year low of C$2.60 and a one year high of C$6.06. The company has a market cap of C$622.69 million, a price-to-earnings ratio of -3.99, a PEG ratio of 0.14 and a beta of 1.81. The business’s fifty day moving average is C$4.45 and its two-hundred day moving average is C$4.65. 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 (TSE:CTS) last released its quarterly earnings data 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 net margin of 6.10% and a negative return on equity of 33.46%. The business had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. Analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s payout ratio is currently -7.50%.

Insiders Place Their Bets

In other news, Senior Officer Greg Berard bought 10,105 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is currently owned by insiders.

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.