Converge Technology Solutions (TSE:CTS) Price Target Cut to C$5.50 by Analysts at Cormark

Converge Technology Solutions (TSE:CTS) had its target price reduced by investment analysts at Cormark from C$6.50 to C$5.50 in a note issued to investors on Friday, BayStreet.CA reports. Cormark’s price objective would indicate a potential upside of 31.89% from the company’s current price.

Several other analysts also recently weighed in on CTS. National Bankshares upped their price objective on Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10th. Ventum Cap Mkts upgraded shares of Converge Technology Solutions to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their target price for the company from C$6.00 to C$5.50 in a report on Friday. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Converge Technology Solutions currently has an average rating of “Moderate Buy” and an average price target of C$6.43.

Converge Technology Solutions Stock Performance

CTS stock traded up C$0.06 during midday trading on Friday, reaching C$4.17. 232,102 shares of the company were exchanged, compared to its average volume of 488,145. The firm has a market capitalization of C$833.46 million, a price-to-earnings ratio of -420.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.93. The company has a debt-to-equity ratio of 58.49, a current ratio of 0.93 and a quick ratio of 0.68. The business has a 50-day moving average price of C$4.42 and a two-hundred day moving average price of C$4.90. Converge Technology Solutions has a one year low of C$2.24 and a one year high of C$6.06.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings data on Thursday, May 9th. The company reported C$0.11 earnings per share for the quarter, meeting the consensus estimate of C$0.11. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. The firm had revenue of C$628.77 million during the quarter, compared to analysts’ expectations of C$661.10 million. Equities research analysts forecast that Converge Technology Solutions will post 0.5411111 EPS for the current year.

Insider Activity at Converge Technology Solutions

In other Converge Technology Solutions news, Senior Officer Greg Berard bought 8,197 shares of the stock in a transaction on Tuesday, June 4th. The shares were acquired at an average price of C$4.68 per share, with a total value of C$38,361.96. In other Converge Technology Solutions news, Senior Officer Greg Berard purchased 8,197 shares of the stock in a transaction on Tuesday, June 4th. The shares were purchased at an average price of C$4.68 per share, with a total value of C$38,361.96. Also, Senior Officer Avjit Kamboj sold 30,600 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$4.41, for a total transaction of C$134,946.00. 5.45% of the stock is currently owned by company 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.