CIBC Cuts Converge Technology Solutions (TSE:CTS) Price Target to C$4.00

Converge Technology Solutions (TSE:CTS) had its price target decreased by CIBC from C$5.00 to C$4.00 in a research report report published on Friday morning, BayStreet.CA reports.

Several other research firms have also weighed in on CTS. Raymond James reduced their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Cormark dropped their target price on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. National Bankshares downgraded shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$6.00 to C$4.50 in a report on Friday. Finally, TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and dropped their target price for the stock from C$6.00 to C$5.50 in a report on Friday, August 9th. Four 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Stock Down 5.6 %

Converge Technology Solutions stock opened at C$3.19 on Friday. The company’s 50 day simple moving average is C$4.45 and its 200 day simple moving average is C$4.67. Converge Technology Solutions has a fifty-two week low of C$2.60 and a fifty-two week high of C$6.06. The firm has a market capitalization of C$622.69 million, a price-to-earnings ratio of -3.99, a PEG ratio of 0.14 and a beta of 1.81. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share 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 business had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. As a group, sell-side analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Announces Dividend

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

Insider Activity

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 10,105 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were 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 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.