Converge Technology Solutions (TSE:CTS) Given New C$4.50 Price Target at CIBC

Converge Technology Solutions (TSE:CTS) had its target price decreased by CIBC from C$5.00 to C$4.50 in a report issued on Friday morning, BayStreet.CA reports.

Other equities research analysts have also recently issued reports about the company. Ventum Cap Mkts raised Converge Technology Solutions to a strong-buy rating in a research note on Tuesday, June 25th. TD Securities raised Converge Technology Solutions from a hold rating to a buy rating and lowered their target price for the company from C$6.00 to C$5.50 in a research note on Friday. National Bankshares lifted their target price on Converge Technology Solutions from C$6.00 to C$7.00 in a research note on Friday, May 10th. Finally, Cormark lowered their target price on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday. Two investment 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 company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of C$6.43.

Converge Technology Solutions Price Performance

CTS stock traded up C$0.06 during midday trading on Friday, reaching C$4.17. 385,627 shares of the company’s stock traded hands, compared to its average volume of 489,162. The company has a 50-day simple moving average of C$4.41 and a two-hundred day simple moving average of C$4.91. Converge Technology Solutions has a 1-year low of C$2.24 and a 1-year high of C$6.06. The company has a market cap of C$833.46 million, a price-to-earnings ratio of -417.00, a PEG ratio of 0.14 and a beta of 1.93. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 58.49.

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

Converge Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Tuesday, August 27th will be paid a dividend of $0.015 per share. The ex-dividend date is Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.44%. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -600.00%.

Insider Buying and Selling

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