Converge Technology Solutions (TSE:CTS) Given New C$5.50 Price Target at Scotiabank

Converge Technology Solutions (TSE:CTS) had its price target raised by Scotiabank from C$4.00 to C$5.50 in a research report report published on Friday,BayStreet.CA reports.

A number of other research firms have also recently commented on CTS. Ventum Financial lifted their target price on Converge Technology Solutions from C$5.20 to C$6.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. TD Securities lowered their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Wednesday, November 13th. National Bank Financial lowered shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Stifel Nicolaus set a C$4.00 price target on shares of Converge Technology Solutions and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$5.56.

Converge Technology Solutions Trading Up 53.3 %

Shares of CTS stock opened at C$5.41 on Friday. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The company has a market capitalization of C$1.06 billion, a price-to-earnings ratio of -6.76, a PEG ratio of 0.14 and a beta of 1.81. 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 50-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 released its earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period last year, the firm earned $0.10 earnings per share. Research analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Shareholders of record on Saturday, December 28th were paid a $0.015 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.06 annualized dividend and a yield of 1.11%. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

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.