Converge Technology Solutions Corp. (TSE:CTS) Receives Average Rating of “Moderate Buy” from Brokerages

Converge Technology Solutions Corp. (TSE:CTS) has been given an average recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is C$6.43.

CTS has been the topic of several research reports. Cormark decreased their price target on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and decreased their target price for the stock from C$6.00 to C$5.50 in a research report on Friday, August 9th. Ventum Cap Mkts upgraded shares of Converge Technology Solutions to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, CIBC reduced their price target on Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Friday, August 9th.

Converge Technology Solutions Trading Down 1.4 %

Shares of CTS stock opened at C$4.29 on Wednesday. Converge Technology Solutions has a 12-month low of C$2.24 and a 12-month high of C$6.06. The company has a market capitalization of C$837.41 million, a PE ratio of -5.36, a price-to-earnings-growth ratio of 0.14 and a beta of 1.83. The firm has a 50 day moving average price of C$4.32 and a two-hundred day moving average price of C$4.89. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.12 by C$0.07. The business 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, analysts predict that Converge Technology Solutions will post 0.6346154 earnings per share for the current year.

Converge Technology Solutions Dividend Announcement

The firm also recently announced 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. This represents a $0.06 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend was Tuesday, August 27th. Converge Technology Solutions’s payout ratio is -7.50%.

Insider Transactions at Converge Technology Solutions

In related news, Senior Officer Avjit Kamboj sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of C$4.62, for a total transaction of C$115,500.00. In other news, Senior Officer Greg Berard bought 10,105 shares of the stock in a transaction 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. Also, Senior Officer Avjit Kamboj sold 25,000 shares of Converge Technology Solutions stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of C$4.62, for a total value of C$115,500.00. Company insiders own 5.45% of the company’s stock.

About Converge Technology Solutions

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.