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

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

Several other equities analysts also recently weighed in on CTS. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from C$6.00 to C$4.50 in a report on Friday, October 25th. Canaccord Genuity Group reduced their price target on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Cormark upgraded Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. Stifel Nicolaus set a C$4.00 price target on Converge Technology Solutions and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Converge Technology Solutions presently has an average rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Price Performance

Shares of Converge Technology Solutions stock opened at C$5.40 on Monday. The business has a 50 day moving average of C$3.56 and a 200 day moving average of C$3.89. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08. The company has a market cap of C$1.05 billion, a PE ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 52 week low of C$2.90 and a 52 week high of C$6.06.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported C$0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business earned $0.10 earnings per share. As a group, equities research analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Converge Technology Solutions Dividend Announcement

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

About Converge Technology Solutions

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.