Converge Technology Solutions (TSE:CTS) Cut to “Hold” at Cormark

Converge Technology Solutions (TSE:CTS) was downgraded by Cormark from a “moderate buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

Other equities research analysts also recently issued reports about the company. TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price objective for the stock from C$6.00 to C$5.50 in a report on Friday, August 9th. National Bank Financial downgraded shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. National Bankshares cut Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from C$6.00 to C$4.50 in a report on Friday. Canaccord Genuity Group cut their price objective on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday. Finally, CIBC cut their price target on Converge Technology Solutions from C$5.00 to C$4.00 in a research note on Friday. Six 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Stock Down 1.3 %

Shares of Converge Technology Solutions stock opened at C$3.15 on Friday. The company has a 50-day simple moving average of C$4.43 and a two-hundred day simple moving average of C$4.64. The stock has a market capitalization of C$614.88 million, a PE ratio of -3.94, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 52-week low of C$2.67 and a 52-week high of C$6.06. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.12 by C$0.07. The business had revenue of C$651.85 million for the quarter, compared to analysts’ expectations 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%. On average, analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Insider Activity

In other Converge Technology Solutions news, Senior Officer Greg Berard purchased 10,105 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, with a total value of C$44,684.31. Corporate insiders own 5.97% 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.