Scotiabank Issues Positive Forecast for Converge Technology Solutions (TSE:CTS) Stock Price

Converge Technology Solutions (TSE:CTS) had its target price lifted by stock analysts at Scotiabank from C$4.00 to C$5.50 in a research report issued to clients and investors on Friday,BayStreet.CA reports. Scotiabank’s price objective points to a potential upside of 1.48% from the stock’s previous close.

A number of other equities analysts also recently issued reports on CTS. Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a research report on Monday, January 13th. TD Securities cut their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a report on Wednesday, November 13th. Stifel Canada upgraded shares of Converge Technology Solutions to a “strong-buy” rating in a research note on Wednesday, January 15th. Canaccord Genuity Group lowered their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday, October 25th. Finally, National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$5.56.

Converge Technology Solutions Trading Up 53.5 %

CTS traded up C$1.89 on Friday, reaching C$5.42. 10,725,993 shares of the company traded hands, compared to its average volume of 783,749. The company has a market cap of C$1.06 billion, a P/E ratio of -6.78, a price-to-earnings-growth 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. Converge Technology Solutions has a one year low of C$2.90 and a one year high of C$6.06. The firm has a fifty day simple moving average of C$3.44 and a two-hundred day simple moving average of C$3.86.

Converge Technology Solutions (TSE:CTS) last posted its earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.08 by C$0.04. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. During the same quarter last year, the company earned $0.10 earnings per share. As a group, equities research analysts expect that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Converge Technology Solutions Company Profile

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.