Converge Technology Solutions (TSE:CTS) Price Target Cut to C$4.50 by Analysts at CIBC

Converge Technology Solutions (TSE:CTS) had its target price decreased by analysts at CIBC from C$5.00 to C$4.50 in a report released on Friday, BayStreet.CA reports. CIBC’s price objective would suggest a potential upside of 7.91% from the stock’s current price.

CTS has been the subject of a number of other reports. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and dropped their target price for the stock from C$6.00 to C$5.50 in a research note on Friday. National Bankshares boosted their price objective on shares of Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10th. Cormark lowered their price objective on Converge Technology Solutions from C$6.50 to C$5.50 in a research report on Friday. Finally, Ventum Cap Mkts raised Converge Technology Solutions to a “strong-buy” rating in a research note on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$6.43.

Converge Technology Solutions Price Performance

CTS traded up C$0.06 during trading on Friday, hitting C$4.17. The company’s stock had a trading volume of 232,102 shares, compared to its average volume of 488,145. The firm’s 50 day moving average price is C$4.42 and its two-hundred day moving average price is C$4.90. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 58.49. The stock has a market capitalization of C$833.46 million, a price-to-earnings ratio of -420.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.93. Converge Technology Solutions has a 12 month low of C$2.24 and a 12 month high of C$6.06.

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

Insider Buying and Selling at Converge Technology Solutions

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