Cormark Downgrades Converge Technology Solutions (TSE:CTS) to Hold

Converge Technology Solutions (TSE:CTS - Get Free Report) was downgraded by equities research analysts at Cormark from a "moderate buy" rating to a "hold" rating in a research report issued on Friday, Zacks.com reports.

Other analysts also recently issued research reports about the stock. TD Securities upgraded shares of Converge Technology Solutions from a "hold" rating to a "buy" rating and cut their price objective for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. CIBC reduced their price target on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday. Raymond James cut their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. National Bankshares lowered Converge Technology Solutions from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from C$6.00 to C$4.50 in a research note on Friday. Finally, Canaccord Genuity Group cut their price objective on Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$6.03.

Converge Technology Solutions Price Performance

Shares of TSE:CTS traded down C$0.08 during trading on Friday, reaching C$3.07. The stock had a trading volume of 1,882,125 shares, compared to its average volume of 503,882. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. Converge Technology Solutions has a 1-year low of C$2.67 and a 1-year high of C$6.06. The stock has a market cap of C$599.26 million, a PE ratio of -3.94, a PEG ratio of 0.14 and a beta of 1.81. The business has a fifty day moving average price of C$4.43 and a 200-day moving average price of C$4.64.

Converge Technology Solutions (TSE:CTS - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. The company had revenue of C$651.85 million for the quarter, compared to analysts' expectations of C$645.18 million. On average, equities analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Insider Activity at Converge Technology Solutions

In other news, Senior Officer Greg Berard bought 10,105 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is owned by corporate 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.