Converge Technology Solutions Corp. (TSE:CTS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

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

A number of research analysts have recently commented on CTS shares. Canaccord Genuity Group decreased their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday, October 25th. National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. CIBC cut their price objective on Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Scotiabank cut Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Raymond James reduced their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th.

Insider Transactions at Converge Technology Solutions

In other news, Senior Officer Greg Berard acquired 10,105 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 insiders.

Converge Technology Solutions Stock Performance

CTS opened at C$3.16 on Thursday. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The business’s 50-day simple moving average is C$4.24 and its 200 day simple moving average is C$4.54. The firm has a market capitalization of C$616.83 million, a PE ratio of -3.95, a PEG ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 52-week low of C$2.90 and a 52-week high of C$6.06.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, beating the consensus estimate of C$0.12 by C$0.07. The company 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 return on equity of 33.46% and a negative net margin of 6.10%. As a group, sell-side analysts expect that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were paid 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 yield of 1.90%. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -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.