Converge Technology Solutions Corp. (TSE:CTS) Receives C$6.47 Average Price Target from Brokerages

Shares of Converge Technology Solutions Corp. (TSE:CTS) have received a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is C$6.47.

A number of brokerages have recently issued reports on CTS. CIBC lifted their price objective on shares of Converge Technology Solutions from C$4.50 to C$5.00 and gave the company a “neutral” rating in a report on Thursday, March 7th. Eight Capital lifted their price objective on shares of Converge Technology Solutions from C$7.00 to C$9.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Raymond James lifted their price objective on shares of Converge Technology Solutions from C$5.50 to C$6.50 and gave the company an “outperform” rating in a report on Thursday, March 7th. Echelon Wealth Partners boosted their price target on shares of Converge Technology Solutions from C$5.80 to C$6.25 and gave the stock a “sector perform” rating in a report on Thursday, March 7th. Finally, Desjardins boosted their price target on shares of Converge Technology Solutions from C$6.00 to C$7.00 and gave the stock a “buy” rating in a report on Thursday, March 7th.

Insiders Place Their Bets

In related news, Senior Officer Greg Berard acquired 8,775 shares of the stock in a transaction on Wednesday, March 20th. The shares were acquired at an average price of C$5.80 per share, with a total value of C$50,895.00. Over the last 90 days, insiders have purchased 11,590 shares of company stock valued at $66,944. Company insiders own 5.83% of the company’s stock.

Converge Technology Solutions Trading Up 1.3 %

TSE:CTS opened at C$5.39 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 71.05. The stock has a market capitalization of C$1.10 billion, a price-to-earnings ratio of -539.00, a PEG ratio of 0.14 and a beta of 1.91. The firm has a fifty day simple moving average of C$5.29 and a two-hundred day simple moving average of C$4.25. Converge Technology Solutions has a 12 month low of C$2.24 and a 12 month high of C$6.06.

Converge Technology Solutions (TSE:CTS) last issued its quarterly earnings data on Wednesday, March 6th. 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 firm had revenue of C$651.09 million during the quarter, compared to analysts’ expectations of C$712.08 million. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. Analysts expect that Converge Technology Solutions will post 0.6002265 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Tuesday, March 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.74%. The ex-dividend date was Monday, March 11th. Converge Technology Solutions’s dividend payout ratio is -400.00%.

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.