Converge Technology Solutions (TSE:CTS) PT Lowered to C$4.50 at Raymond James

Converge Technology Solutions (TSE:CTS) had its price target cut by Raymond James from C$6.50 to C$4.50 in a research report report published on Friday, BayStreet.CA reports.

Several other brokerages have also recently issued reports on CTS. Cormark cut their target price on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and decreased their price objective for the company from C$6.00 to C$5.50 in a research report on Friday, August 9th. Finally, CIBC dropped their target price on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th. Four 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Trading Down 5.6 %

CTS stock opened at C$3.19 on Friday. The company has a market capitalization of C$622.69 million, a PE ratio of -3.99, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. 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 has a one year low of C$2.60 and a one year high of C$6.06. The company’s 50 day moving average price is C$4.45 and its two-hundred day moving average price is C$4.65.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, topping the consensus estimate of C$0.12 by C$0.07. The business had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. As a group, analysts predict that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The company 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. The ex-dividend date was Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.88%. Converge Technology Solutions’s dividend payout ratio (DPR) is -7.50%.

Insider Transactions at Converge Technology Solutions

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 cost of C$4.42 per share, for a total transaction 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.