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

Converge Technology Solutions Corp. (TSE:CTS) has received an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is C$6.47.

CTS has been the subject of a number of analyst reports. Raymond James increased their price target 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. Echelon Wealth Partners increased their price target on Converge Technology Solutions from C$5.80 to C$6.25 and gave the stock a “sector perform” rating in a research note on Thursday, March 7th. Eight Capital increased their price target on Converge Technology Solutions from C$7.00 to C$9.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Desjardins increased their price target on Converge Technology Solutions from C$6.00 to C$7.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Finally, TD Securities increased their price target on Converge Technology Solutions from C$4.25 to C$6.00 and gave the stock a “hold” rating in a research note on Thursday, March 7th.

Insiders Place Their Bets

In other news, Senior Officer Greg Berard acquired 8,775 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was acquired at an average price of C$5.80 per share, with a total value of C$50,895.00. Insiders bought a total of 11,590 shares of company stock valued at $66,944 over the last 90 days. Insiders own 5.83% of the company’s stock.

Converge Technology Solutions Stock Performance

Shares of CTS opened at C$5.39 on Friday. The business has a 50-day simple moving average of C$5.29 and a two-hundred day simple moving average of C$4.25. 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 has a 52 week low of C$2.24 and a 52 week high of C$6.06. The stock has a market cap of C$1.10 billion, a price-to-earnings ratio of -539.00, a PEG ratio of 0.14 and a beta of 1.91.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Wednesday, March 6th. 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 business had revenue of C$651.09 million during the quarter, compared to analyst estimates of C$712.08 million. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. On average, analysts expect that Converge Technology Solutions will post 0.6002265 EPS for the current year.

Converge Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Tuesday, March 12th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend was Monday, March 11th. Converge Technology Solutions’s payout ratio is currently -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.