Converge Technology Solutions (TSE:CTS) Price Target Raised to C$5.50

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

A number of other analysts also recently issued reports on CTS. Ventum Financial lifted their price objective on Converge Technology Solutions from C$5.20 to C$6.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Stifel Nicolaus set a C$4.00 price objective on Converge Technology Solutions and gave the stock a “hold” rating in a research note on Thursday, January 16th. TD Securities reduced their price objective on Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Wednesday, November 13th. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$6.00 to C$4.50 in a research note on Friday, October 25th. Finally, Scotiabank lifted their price objective on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Converge Technology Solutions presently has a consensus rating of “Moderate Buy” and an average price target of C$5.73.

Converge Technology Solutions Price Performance

Shares of CTS opened at C$5.40 on Monday. The business’s 50 day moving average is C$3.56 and its 200 day moving average is C$3.89. The company has a market capitalization of C$1.05 billion, a PE ratio of -6.75, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 12-month low of C$2.90 and a 12-month high of C$6.06. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last issued its 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 quarter in the prior year, the firm posted $0.10 EPS. Research analysts expect that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Stockholders of record on Saturday, December 28th were issued a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio (DPR) is -7.50%.

Converge Technology Solutions Company Profile

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.