Shares of Converge Technology Solutions Corp. (TSE:CTS – Get Free Report) fell 5.4% in midday trading on Thursday. The company's shares traded as low as C$3.82 and closed at C$3.86. 186,442 shares were traded during trading, down 62% from the session's average trading volume of 484,297 shares. The stock had closed at C$4.08 earlier.
Analysts Set New Price Targets
CTS has been the subject of several research reports recently. Cormark lowered their price target on Converge Technology Solutions from C$6.50 to C$5.50 in a research report on Friday. CIBC lowered their price target on Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Friday. TD Securities raised their rating on Converge Technology Solutions from a “hold” to a “buy” rating and lowered their price target for the company from C$6.00 to C$5.50 in a research report on Friday. Ventum Cap Mkts raised their rating on Converge Technology Solutions to a “strong buy” rating in a research report on Tuesday, June 25th. Finally, National Bankshares increased their price target on Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10. Two analysts have rated the stock with a hold rating, five have rated it with a buy rating, and one has rated it with a strong buy rating. According to MarketBeat data, the company currently has a “moderate buy” consensus rating, with an average price target of C$6.43.
Check out the latest research report on CTS
Price Performance of Converged Technology Solutions
The stock has a market capitalization of C$833.46 million, a price-to-earnings ratio (P/E) of -417.00, a PEG ratio of 0.14 and a beta of 1.93. The company's 50-day moving average price is C$4.41 and its 200-day moving average price is C$4.90. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 58.49.
Converge Technology Solutions (TSE:CTS – Get free report ) last released its quarterly earnings data on Thursday, May 9th. The company reported CA$0.11 earnings per share for the quarter, in line with analysts' consensus estimates of CA$0.11. Converge Technology Solutions had a return on equity of -1.08% and a net margin of -0.05%. The company's revenue for the quarter was CA$628.77 million, beating analyst expectations of CA$661.10 million. Research analysts expect Converge Technology Solutions Corp. to report EPS of CA$0.5411111 for the current fiscal year.
Converge Technology Solutions Dividend Announcement
The company also recently declared a quarterly dividend, which is scheduled to be paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 27th will be paid a dividend of $0.015. The ex-dividend date is Tuesday, August 27th. This equates to an annualized dividend of $0.06, for a dividend yield of 1.44%. Converge Technology Solutions' dividend payout ratio (DPR) is currently at -600.00%.
Insider Trading at Converge Technology Solutions
In other news, Senior Officer, Avjit Kamboj sold 30,600 shares of the company's stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$4.41 per share, for a total value of C$134,946.00. In other Converge Technology Solutions news, Senior Officer, Greg Berard bought 8,197 shares of the company's stock in a transaction on Tuesday, June 4th. The shares were acquired at an average price of C$4.68 per share, for a total value of C$38,361.96. Also, Senior Officer, Avjit Kamboj sold 30,600 shares of the company's stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$4.41 per share, for a total value of C$134,946.00. Company insiders own 5.45% of the company's stock.
About Converge Technology Solutions
(Get your free report)
Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. The company's solutions approach provides advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure and digital workplace services to clients across a range of industries.
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