Converge Technology Solutions (TSE:CTS) Downgraded by Desjardins to Tender

Desjardins downgraded shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a tender rating in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has C$5.50 price target on the stock, up from their previous price target of C$5.00.

Several other research analysts also recently commented on CTS. CIBC raised their price objective on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Monday, February 10th. Stifel Canada raised Converge Technology Solutions to a “strong-buy” rating in a research note on Wednesday, January 15th. Ventum Financial downgraded Converge Technology Solutions from a “buy” rating to a “tender” rating and decreased their price objective for the stock from C$6.00 to C$5.50 in a research note on Monday, February 10th. Canaccord Genuity Group downgraded Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a research note on Monday, February 10th. Finally, Stifel Nicolaus set a C$4.00 price objective on Converge Technology Solutions and gave the stock a “hold” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$28.83.

Converge Technology Solutions Stock Down 0.2 %

TSE CTS opened at C$5.44 on Friday. The stock’s 50-day moving average price is C$4.32 and its 200-day moving average price is C$4.05. The company has a quick ratio of 0.68, a current ratio of 0.96 and a debt-to-equity ratio of 85.78. 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 market capitalization of C$1.03 billion, a P/E ratio of -6.52, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, December 28th. Shareholders of record on Saturday, December 28th were issued a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a yield of 1.10%. The ex-dividend date was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio is presently -7.20%.

About Converge Technology Solutions

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.