Converge Technology Solutions (TSE:CTS) Price Target Lowered to C$6.00 at Canaccord Genuity Group

Converge Technology Solutions (TSE:CTS) had its price target trimmed by Canaccord Genuity Group from C$6.25 to C$6.00 in a research note published on Friday, BayStreet.CA reports.

Other analysts have also issued research reports about the company. Cormark dropped their price objective on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and lowered their price objective for the stock from C$6.00 to C$5.50 in a research note on Friday, August 9th. Raymond James reduced their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from C$6.00 to C$4.50 in a report on Friday. Finally, CIBC cut their price objective on Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday. Four equities research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$6.03.

Converge Technology Solutions Stock Performance

Shares of TSE CTS opened at C$3.15 on Friday. The stock has a 50 day moving average price of C$4.43 and a 200 day moving average price of C$4.64. Converge Technology Solutions has a 52 week low of C$2.67 and a 52 week high of C$6.06. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The stock has a market capitalization of C$614.88 million, a PE ratio of -3.94, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.12 by C$0.07. The firm had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. Analysts predict 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 announced 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. This represents a $0.06 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Tuesday, August 27th. Converge Technology Solutions’s payout ratio is presently -7.50%.

Insider Transactions at Converge Technology Solutions

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 10,105 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of C$4.42 per share, with a total value of C$44,684.31. Corporate insiders own 5.97% of the company’s stock.

About Converge Technology Solutions

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.