TD Securities Issues Pessimistic Forecast for Converge Technology Solutions (TSE:CTS) Stock Price

Converge Technology Solutions (TSE:CTS) had its price target reduced by TD Securities from C$5.00 to C$4.50 in a report published on Wednesday,BayStreet.CA reports.

Other equities analysts also recently issued reports about the company. National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. CIBC cut their price target on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday, October 25th. Canaccord Genuity Group decreased their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday, October 25th. National Bankshares lowered shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from C$6.00 to C$4.50 in a research report on Friday, October 25th. Finally, Cormark lowered shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$5.86.

Converge Technology Solutions Trading Down 1.4 %

Shares of CTS opened at C$3.55 on Wednesday. Converge Technology Solutions has a twelve month low of C$2.90 and a twelve month high of C$6.06. The firm has a market capitalization of C$692.96 million, a P/E ratio of -4.44, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08. The stock’s fifty day simple moving average is C$4.07 and its 200 day simple moving average is C$4.43.

Converge Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 28th. Shareholders of record on Tuesday, December 10th will be issued a $0.015 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a yield of 1.69%. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

Insider Buying and Selling at Converge Technology Solutions

In other Converge Technology Solutions news, Senior Officer Greg Berard bought 10,105 shares of Converge Technology Solutions stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is currently owned by corporate 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.