Converge Technology Solutions Corp. (TSE:CTS) Given Consensus Recommendation of “Moderate Buy” by Analysts

Converge Technology Solutions Corp. (TSE:CTS) has been assigned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is C$6.63.

CTS has been the topic of a number of research reports. Scotiabank raised their price objective on Converge Technology Solutions from C$7.00 to C$8.00 in a report on Thursday, March 14th. National Bankshares raised their price objective on Converge Technology Solutions from C$6.00 to C$7.00 in a report on Friday, May 10th. Echelon Wealth Partners raised their price objective on Converge Technology Solutions from C$5.80 to C$6.25 and gave the company a “sector perform” rating in a report on Thursday, March 7th. Cormark decreased their price objective on Converge Technology Solutions from C$7.00 to C$6.50 in a report on Friday, May 10th. Finally, CIBC raised their price objective on Converge Technology Solutions from C$4.50 to C$5.00 and gave the company a “neutral” rating in a report on Thursday, March 7th.

Converge Technology Solutions Stock Performance

TSE:CTS opened at C$4.37 on Friday. The business’s 50-day moving average price is C$5.05 and its two-hundred day moving average price is C$4.86. Converge Technology Solutions has a twelve month low of C$2.24 and a twelve month high of C$6.06. The stock has a market cap of C$873.43 million, a P/E ratio of -437.00, a PEG ratio of 0.14 and a beta of 1.93. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 58.49.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share for the quarter, meeting the consensus estimate of C$0.11. The firm had revenue of C$628.77 million for the quarter, compared to analysts’ expectations of C$661.10 million. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. As a group, equities analysts predict that Converge Technology Solutions will post 0.5411111 EPS for the current fiscal year.

Converge Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were given a $0.015 dividend. This is a positive change from Converge Technology Solutions’s previous quarterly dividend of $0.01. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Wednesday, May 22nd. Converge Technology Solutions’s dividend payout ratio (DPR) is currently -600.00%.

Insider Transactions at Converge Technology Solutions

In other news, Senior Officer Greg Berard purchased 8,197 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were bought at an average cost of C$4.68 per share, for a total transaction of C$38,361.96. In related news, Senior Officer Greg Berard acquired 8,197 shares of the stock in a transaction on Tuesday, June 4th. The stock was acquired at an average price of C$4.68 per share, for a total transaction of C$38,361.96. Also, Senior Officer Avjit Kamboj sold 30,600 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$4.41, for a total value of C$134,946.00. Corporate insiders own 5.45% of the company’s stock.

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.