Converge Technology Solutions Corp. (TSE:CTS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Converge Technology Solutions Corp. (TSE:CTS) has been given a consensus rating of “Moderate Buy” by the seven ratings firms that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is C$6.47.

A number of brokerages have recently issued reports on CTS. CIBC upped their target price on shares of Converge Technology Solutions from C$4.50 to C$5.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Eight Capital increased their target price on Converge Technology Solutions from C$7.00 to C$9.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Scotiabank boosted their price target on Converge Technology Solutions from C$7.00 to C$8.00 in a report on Thursday, March 14th. Raymond James raised their price objective on Converge Technology Solutions from C$5.50 to C$6.50 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Finally, Echelon Wealth Partners boosted their target price on shares of Converge Technology Solutions from C$5.80 to C$6.25 and gave the company a “sector perform” rating in a research note on Thursday, March 7th.

Insider Buying and Selling at Converge Technology Solutions

In other news, Senior Officer Greg Berard acquired 8,775 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were acquired at an average price of C$5.80 per share, with a total value of C$50,895.00. Over the last three months, insiders have purchased 11,590 shares of company stock worth $66,944. 5.11% of the stock is owned by insiders.

Converge Technology Solutions Price Performance

Shares of TSE CTS opened at C$5.30 on Friday. The business has a 50 day moving average price of C$5.23 and a two-hundred day moving average price of C$4.19. Converge Technology Solutions has a fifty-two week low of C$2.24 and a fifty-two week high of C$6.06. The firm has a market cap of C$1.08 billion, a PE ratio of -530.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.95. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 71.05.

Converge Technology Solutions (TSE:CTS) last issued its quarterly earnings results on Wednesday, March 6th. The company reported C$0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.07. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. The business had revenue of C$651.09 million during the quarter, compared to analyst estimates of C$712.08 million. Sell-side analysts expect that Converge Technology Solutions will post 0.609493 earnings per share for the current fiscal year.

Converge Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Tuesday, March 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend was Monday, March 11th. Converge Technology Solutions’s dividend payout ratio is presently -400.00%.

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.