Cormark Lowers Converge Technology Solutions (TSE:CTS) Price Target to C$5.50

Converge Technology Solutions (TSE:CTS) had its target price lowered by investment analysts at Cormark from C$6.50 to C$5.50 in a research note issued on Friday, BayStreet.CA reports. Cormark’s target price points to a potential upside of 31.89% from the stock’s previous close.

A number of other research firms also recently weighed in on CTS. Ventum Cap Mkts raised Converge Technology Solutions to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Securities raised Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price target for the stock from C$6.00 to C$5.50 in a research report on Friday. Finally, National Bankshares upped their price target on Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$6.43.

Converge Technology Solutions Stock Up 1.5 %

Shares of CTS traded up C$0.06 on Friday, hitting C$4.17. The company’s stock had a trading volume of 385,627 shares, compared to its average volume of 489,162. 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 firm’s fifty day moving average price is C$4.41 and its 200-day moving average price is C$4.91. Converge Technology Solutions has a fifty-two week low of C$2.24 and a fifty-two week high of C$6.06. The firm has a market capitalization of C$833.46 million, a price-to-earnings ratio of -417.00, a P/E/G ratio of 0.14 and a beta of 1.93.

Converge Technology Solutions (TSE:CTS) last issued its quarterly earnings data on Thursday, May 9th. The company reported C$0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analyst estimates of C$661.10 million. On average, equities research analysts expect that Converge Technology Solutions will post 0.5411111 EPS for the current year.

Insider Activity at Converge Technology Solutions

In other Converge Technology Solutions 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 acquired at an average price of C$4.68 per share, for a total transaction of C$38,361.96. In other Converge Technology Solutions news, Senior Officer Avjit Kamboj sold 30,600 shares of the stock in a transaction 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. Also, Senior Officer Greg Berard acquired 8,197 shares of the stock in a transaction on Tuesday, June 4th. The shares were purchased at an average price of C$4.68 per share, for a total transaction of C$38,361.96. 5.45% of the stock is owned by company insiders.

Converge Technology Solutions Company Profile

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.