Converge Technology Solutions Corp. (TSE:CTS) Given Average Recommendation of "Moderate Buy" by Analysts

Converge Technology Solutions Corp. (TSE:CTS - Get Free Report) has earned an average recommendation of "Moderate Buy" from the seven research firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is C$6.47.

A number of brokerages recently issued reports on CTS. Desjardins increased their target price on Converge Technology Solutions from C$6.00 to C$7.00 and gave the stock a "buy" rating in a report on Thursday, March 7th. Eight Capital raised their price objective on Converge Technology Solutions from C$7.00 to C$9.00 and gave the company a "buy" rating in a research note on Thursday, March 7th. Raymond James raised their price objective on Converge Technology Solutions from C$5.50 to C$6.50 and gave the company an "outperform" rating in a research note on Thursday, March 7th. TD Securities raised their price objective on Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a "hold" rating in a research note on Thursday, March 7th. Finally, Scotiabank raised their price objective on Converge Technology Solutions from C$7.00 to C$8.00 in a research note on Thursday, March 14th.

Converge Technology Solutions Trading Down 4.2 %

Shares of Converge Technology Solutions stock traded down C$0.23 on Friday, reaching C$5.30. 576,002 shares of the company's stock were exchanged, compared to its average volume of 470,409. The company has a market capitalization of C$1.08 billion, a P/E ratio of -530.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.91. Converge Technology Solutions has a 52 week low of C$2.24 and a 52 week high of C$6.06. The firm's 50-day moving average is C$5.23 and its two-hundred day moving average is C$4.20. The company has a debt-to-equity ratio of 71.05, a quick ratio of 0.68 and a current ratio of 1.04.

Converge Technology Solutions (TSE:CTS - Get Free Report) last issued its 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 return on equity of 1.03% and a negative net margin of 0.05%. The company had revenue of C$651.09 million for the quarter, compared to analysts' expectations of C$712.08 million. Sell-side analysts predict that Converge Technology Solutions will post 0.6002265 EPS for the current fiscal year.

Converge Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Tuesday, March 12th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend 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%.

Insider Activity

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