Converge Technology Solutions Corp. (TSE:CTS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Converge Technology Solutions Corp. (TSE:CTS) have been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is C$6.03.

A number of research analysts have weighed in on the stock. Scotiabank cut shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. CIBC cut their price target on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday, October 25th. Cormark cut shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. National Bank Financial lowered shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Canaccord Genuity Group decreased their price target on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday, October 25th.

Insider Buying and Selling at Converge Technology Solutions

In related news, Senior Officer Greg Berard purchased 10,105 shares of the firm’s stock in a transaction that occurred on 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. 5.97% of the stock is owned by company insiders.

Converge Technology Solutions Trading Down 1.3 %

Shares of CTS opened at C$3.03 on Thursday. Converge Technology Solutions has a twelve month low of C$2.72 and a twelve month high of C$6.06. The stock has a market capitalization of C$591.46 million, a P/E ratio of -3.79, a PEG ratio of 0.14 and a beta of 1.81. The firm has a fifty day simple moving average of C$4.37 and a two-hundred day simple moving average of C$4.60. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of C$651.85 million during the quarter, compared to analyst estimates of C$645.18 million. On average, research analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, September 10th were paid a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a yield of 1.98%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s payout ratio is -7.50%.

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.