Converge Technology Solutions (TSE:CTS – Get Free Report) was downgraded by equities research analysts at National Bankshares from an “outperform” rating to a “sector perform” rating in a research report issued on Friday, BayStreet.CA reports. They presently have a C$4.50 target price on the stock, down from their previous target price of C$6.00. National Bankshares’ price target would suggest a potential upside of 41.07% from the stock’s previous close.
Other equities analysts have also issued research reports about the company. TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and cut their price target for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Raymond James reduced their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. CIBC lowered their target price on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Friday, August 9th. Finally, Cormark cut their price target on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$6.03.
Check Out Our Latest Report on CTS
Converge Technology Solutions Stock Performance
Converge Technology Solutions (TSE:CTS – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.07. The company had revenue of C$651.85 million during the quarter, compared to analysts’ expectations 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%. Research analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current year.
Insider Activity
In other news, Senior Officer Greg Berard purchased 10,105 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, for a total transaction of C$44,684.31. Insiders own 5.97% 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.
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