Converge Technology Solutions (TSE:CTS) Rating Lowered to “Hold” at Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Converge Technology Solutions (TSE:CTS) from a moderate buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Several other brokerages also recently weighed in on CTS. Ventum Financial downgraded Converge Technology Solutions from a “buy” rating to a “tender” rating and lowered their target price for the company from C$6.00 to C$5.50 in a research note on Monday. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from C$6.00 to C$4.50 in a report on Friday, October 25th. Canaccord Genuity Group lowered their price objective on Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday, October 25th. Raymond James cut their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Finally, 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. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Price Performance

Shares of TSE:CTS opened at C$5.40 on Monday. The company has a market capitalization of C$1.05 billion, a price-to-earnings ratio of -6.75, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company has a 50 day moving average of C$3.61 and a two-hundred day moving average of C$3.90. Converge Technology Solutions has a 52-week low of C$2.90 and a 52-week high of C$6.06. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.08 by C$0.04. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. During the same quarter last year, the business posted $0.10 earnings per share. As a group, analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Shareholders of record on Saturday, December 28th were issued a $0.015 dividend. The ex-dividend date was Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a yield of 1.11%. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.