Converge Technology Solutions (TSE:CTS) PT Lowered to C$6.00 at Canaccord Genuity Group

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

A number of other brokerages have also commented on CTS. CIBC reduced their target price on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday. National Bankshares downgraded shares of Converge Technology Solutions from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from C$6.00 to C$4.50 in a research note on Friday. Cormark lowered their target price 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 lowered their target price for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Finally, Raymond James lowered their target price on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of C$6.03.

Converge Technology Solutions Trading Down 5.6 %

Converge Technology Solutions stock traded down C$0.19 during midday trading on Friday, reaching C$3.19. The stock had a trading volume of 3,549,896 shares, compared to its average volume of 494,073. 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 has a 52-week low of C$2.60 and a 52-week high of C$6.06. The firm has a market cap of C$622.69 million, a price-to-earnings ratio of -3.96, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company has a fifty day moving average of C$4.47 and a 200 day moving average of C$4.68.

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

Converge Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were issued a $0.015 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a yield of 1.88%. Converge Technology Solutions's payout ratio is -7.50%.

Insider Buying and Selling at Converge Technology Solutions

In related news, Senior Officer Greg Berard bought 10,105 shares of the business's stock in a transaction dated 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. 5.97% of the stock is 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.