Converge Technology Solutions Corp. (TSE:CTS) Receives C$6.43 Consensus Target Price from Brokerages

Shares of Converge Technology Solutions Corp. (TSE:CTS) have been given an average rating of “Moderate Buy” by the eight research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is C$6.43.

CTS has been the subject of several analyst reports. TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and cut their target price for the stock from C$6.00 to C$5.50 in a research note on Friday, August 9th. CIBC reduced their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Friday, August 9th. Ventum Cap Mkts upgraded shares of Converge Technology Solutions to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Cormark reduced their price target on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research report on Friday, August 9th.

Insider Activity at Converge Technology Solutions

In other news, Senior Officer Greg Berard purchased 10,105 shares of the company’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 owned by insiders.

Converge Technology Solutions Stock Performance

Shares of CTS stock opened at C$4.53 on Friday. The firm’s 50 day moving average is C$4.38 and its 200 day moving average is C$4.76. The stock has a market capitalization of C$884.26 million, a P/E ratio of -5.70, a PEG ratio of 0.14 and a beta of 1.83. Converge Technology Solutions has a 12 month low of C$2.24 and a 12 month high of C$6.06. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last posted its earnings results 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. The firm had revenue of C$651.85 million for the quarter, compared to the consensus estimate 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%. On average, sell-side analysts anticipate that Converge Technology Solutions will post 0.6347222 earnings per share for the current year.

Converge Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, September 10th were issued a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

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.