Canaccord Genuity Group Trims Converge Technology Solutions (TSE:CTS) Target Price to C$6.00

Converge Technology Solutions (TSE:CTS) had its target price decreased by Canaccord Genuity Group from C$6.25 to C$6.00 in a report released on Friday morning, BayStreet.CA reports.

Other equities analysts have also recently issued reports about the stock. TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and lowered their price target for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. Cormark reduced their price objective on Converge Technology Solutions from C$6.50 to C$5.50 in a research report on Friday, August 9th. National Bankshares lowered Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$6.00 to C$4.50 in a research report on Friday. Raymond James reduced their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday. Finally, CIBC dropped their price objective on Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Converge Technology Solutions has a consensus rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Price Performance

CTS opened at C$3.19 on Friday. Converge Technology Solutions has a 12-month low of C$2.60 and a 12-month high of C$6.06. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08. The firm has a market capitalization of C$622.69 million, a P/E ratio of -3.99, a PEG ratio of 0.14 and a beta of 1.81. The stock has a fifty day moving average of C$4.45 and a 200-day moving average of C$4.65.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.07. The firm had revenue of C$651.85 million during the quarter, compared to analyst estimates 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%. Equities analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, September 10th were issued 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 dividend yield of 1.88%. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -7.50%.

Insider Activity

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

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.