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

Converge Technology Solutions Corp. (TSE:CTS) has received a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is C$6.43.

CTS has been the topic of a number of research reports. Ventum Cap Mkts upgraded Converge Technology Solutions to a “strong-buy” rating in a report on Tuesday, June 25th. Cormark dropped their target price on Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and dropped their target price for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. Finally, CIBC dropped their price objective on Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th.

Insider Buying and Selling at Converge Technology Solutions

In related news, Senior Officer Greg Berard purchased 10,105 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, for a total transaction of C$44,684.31. Corporate insiders own 5.46% of the company’s stock.

Converge Technology Solutions Price Performance

Shares of CTS opened at C$4.54 on Friday. The company has a market capitalization of C$886.21 million, a price-to-earnings ratio of -5.68, a P/E/G ratio of 0.14 and a beta of 1.83. Converge Technology Solutions has a fifty-two week low of C$2.24 and a fifty-two week high of C$6.06. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68. The business’s 50-day moving average is C$4.36 and its 200-day moving average is C$4.80.

Converge Technology Solutions (TSE:CTS) last issued its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.07. The company had revenue of C$651.85 million for the quarter, compared to the consensus estimate of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. Equities research analysts expect that Converge Technology Solutions will post 0.6347222 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were issued a dividend of $0.015 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.06 annualized dividend and a yield of 1.32%. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -7.50%.

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.