Converge Technology Solutions (TSE:CTS) Given New C$5.50 Price Target at CIBC

Converge Technology Solutions (TSE:CTS) had its price target raised by CIBC from C$4.00 to C$5.50 in a research note issued to investors on Monday morning,BayStreet.CA reports.

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus set a C$4.00 price target on Converge Technology Solutions and gave the company a “hold” rating in a report on Thursday, January 16th. Canaccord Genuity Group decreased their price target on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Raymond James decreased their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th. Ventum Financial raised their price target on Converge Technology Solutions from C$5.20 to C$6.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Finally, TD Securities reduced their target price on Converge Technology Solutions from C$5.00 to C$4.50 in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of C$5.73.

Converge Technology Solutions Price Performance

Shares of CTS stock opened at C$5.40 on Monday. The stock’s fifty day moving average is C$3.48 and its 200-day moving average is C$3.87. 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 stock has a market capitalization of C$1.05 billion, a PE ratio of -6.75, 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 posted its quarterly earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.08 by C$0.04. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. During the same period in the previous year, the business earned $0.10 EPS. Equities research analysts expect that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, December 28th. Stockholders of record on Saturday, December 28th were given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

About Converge Technology Solutions

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.