Raymond James Cuts Converge Technology Solutions (TSE:CTS) Price Target to C$4.50

Converge Technology Solutions (TSE:CTS) had its price target lowered by equities research analysts at Raymond James from C$6.50 to C$4.50 in a research report issued on Friday, BayStreet.CA reports. Raymond James’ price target indicates a potential upside of 41.96% from the company’s current price.

A number of other research firms have also recently commented on CTS. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and decreased their target price for the company from C$6.00 to C$5.50 in a research report on Friday, August 9th. CIBC lowered their price objective on Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Friday, August 9th. Finally, Cormark dropped their target price on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. Three 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Stock Down 6.2 %

Shares of CTS traded down C$0.21 during mid-day trading on Friday, hitting C$3.17. The company’s stock had a trading volume of 3,037,709 shares, compared to its average volume of 490,524. The firm has a market capitalization of C$618.78 million, a price-to-earnings ratio of -3.96, a PEG ratio of 0.14 and a beta of 1.81. The company’s 50-day moving average is C$4.47 and its 200-day moving average is C$4.68. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08. Converge Technology Solutions has a 52-week low of C$2.60 and a 52-week high of C$6.06.

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

Insider Buying and Selling

In other Converge Technology Solutions news, Senior Officer Greg Berard purchased 10,105 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, for a total transaction 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.