Converge Technology Solutions (TSE:CTS) PT Lowered to C$6.00

Converge Technology Solutions (TSE:CTS) had its price objective cut by analysts at Canaccord Genuity Group from C$6.25 to C$6.00 in a report released on Friday, BayStreet.CA reports. Canaccord Genuity Group’s target price would suggest a potential upside of 89.27% from the company’s previous close.

Several other equities analysts have also commented on the stock. TD Securities raised 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. Cormark decreased their price target on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. Raymond James dropped their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$6.00 to C$4.50 in a research report on Friday. Finally, CIBC lowered their price target on Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Stock Down 6.2 %

TSE CTS traded down C$0.21 on Friday, hitting C$3.17. The stock had a trading volume of 3,037,709 shares, compared to its average volume of 490,524. The business’s fifty day moving average price is C$4.47 and its 200 day moving average price is C$4.68. The stock has a market cap of C$618.78 million, a price-to-earnings ratio of -3.96, 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 current ratio of 1.00 and a quick ratio of 0.68. Converge Technology Solutions has a 52-week low of C$2.60 and a 52-week high of C$6.06.

Converge Technology Solutions (TSE:CTS) last announced its 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. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. The firm had revenue of C$651.85 million for the quarter, compared to the consensus estimate of C$645.18 million. Equities research analysts anticipate that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Insider Buying and Selling at Converge Technology Solutions

In other news, Senior Officer Greg Berard acquired 10,105 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of C$4.42 per share, with a total value of C$44,684.31. 5.97% of the stock is currently owned by corporate insiders.

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.