TD Securities Has Lowered Expectations for Converge Technology Solutions (TSE:CTS) Stock Price

Converge Technology Solutions (TSE:CTS) had its price objective cut by research analysts at TD Securities from C$5.00 to C$4.50 in a research note issued on Wednesday,BayStreet.CA reports. TD Securities’ target price would indicate a potential upside of 20.32% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Raymond James reduced their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday, October 25th. Cormark downgraded shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. National Bankshares cut shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. National Bank Financial lowered Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, CIBC reduced their target price on Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Six 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$5.86.

Converge Technology Solutions Price Performance

CTS stock remained flat at C$3.74 during mid-day trading on Wednesday. The company’s stock had a trading volume of 662,961 shares, compared to its average volume of 541,440. The company has a 50-day moving average price of C$4.12 and a two-hundred day moving average price of C$4.46. Converge Technology Solutions has a 1-year low of C$2.90 and a 1-year high of C$6.06. The stock has a market capitalization of C$730.05 million, a P/E ratio of -4.68, a P/E/G ratio of 0.14 and a beta of 1.81. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Insiders Place Their Bets

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 10,105 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is owned by insiders.

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.