National Bank Financial Downgrades Converge Technology Solutions (TSE:CTS) to Hold

Converge Technology Solutions (TSE:CTS) was downgraded by stock analysts at National Bank Financial from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

A number of other brokerages have also recently commented on CTS. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and lowered their price objective for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. CIBC lowered their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research note on Friday. Cormark lowered their price objective on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. Raymond James lowered their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Finally, National Bankshares cut shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$6.00 to C$4.50 in a research note on Friday. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$6.03.

Converge Technology Solutions Stock Down 5.6 %

Shares of Converge Technology Solutions stock opened at C$3.19 on Thursday. The company has a market cap of C$622.69 million, a P/E ratio of -3.99, a PEG ratio of 0.14 and a beta of 1.81. 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 has a one year low of C$2.60 and a one year high of C$6.06. The firm has a fifty day moving average of C$4.45 and a two-hundred day moving average of C$4.67.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.07. The business had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. On average, analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Insider Buying and Selling

In related news, Senior Officer Greg Berard bought 10,105 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost 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.

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.