Converge Technology Solutions Corp. (TSE:CTS) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Converge Technology Solutions Corp. (TSE:CTS) have been assigned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is C$6.63.

Several equities research analysts have commented on the company. National Bankshares upped their price objective on Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10th. Ventum Cap Mkts raised shares of Converge Technology Solutions to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Cormark decreased their price objective on shares of Converge Technology Solutions from C$7.00 to C$6.50 in a research report on Friday, May 10th.

Insider Buying and Selling

In related news, Senior Officer Avjit Kamboj sold 30,600 shares of Converge Technology Solutions stock in a transaction dated Monday, June 24th. The stock was sold at an average price of C$4.41, for a total value of C$134,946.00. In related 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 value of C$134,946.00. Also, Senior Officer Greg Berard bought 8,197 shares of the stock in a transaction on Tuesday, June 4th. The shares were acquired at an average cost of C$4.68 per share, for a total transaction of C$38,361.96. Insiders own 5.45% of the company’s stock.

Converge Technology Solutions Price Performance

TSE:CTS opened at C$4.27 on Tuesday. The firm has a market cap of C$853.44 million, a price-to-earnings ratio of -427.00, a PEG ratio of 0.14 and a beta of 1.93. The firm’s fifty day moving average is C$4.58 and its two-hundred day moving average is C$4.89. The company has a debt-to-equity ratio of 58.49, a quick ratio of 0.68 and a current ratio of 0.93. Converge Technology Solutions has a one year low of C$2.24 and a one year high of C$6.06.

Converge Technology Solutions (TSE:CTS) last posted its earnings results on Thursday, May 9th. The company reported C$0.11 EPS for the quarter, hitting the consensus estimate of C$0.11. The firm had revenue of C$628.77 million for the quarter, compared to analyst estimates of C$661.10 million. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. Research analysts expect that Converge Technology Solutions will post 0.5411111 EPS for the current year.

Converge Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were paid a dividend of $0.015 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.41%. This is a boost from Converge Technology Solutions’s previous quarterly dividend of $0.01. Converge Technology Solutions’s payout ratio is currently -600.00%.

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.