CIBC Trims Converge Technology Solutions (TSE:CTS) Target Price to C$4.00

Converge Technology Solutions (TSE:CTS) had its target price decreased by research analysts at CIBC from C$5.00 to C$4.00 in a research note issued to investors on Friday, BayStreet.CA reports. CIBC’s price target points to a potential upside of 25.39% from the company’s previous close.

A number of other equities research analysts also recently commented on CTS. Raymond James reduced their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday. Cormark reduced their price objective on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. National Bankshares lowered shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$6.00 to C$4.50 in a research report on Friday. Finally, TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price target for the company from C$6.00 to C$5.50 in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Price Performance

Converge Technology Solutions stock opened at C$3.19 on Friday. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68. The business has a 50 day simple moving average of C$4.45 and a 200-day simple moving average of C$4.66. Converge Technology Solutions has a 12 month low of C$2.60 and a 12 month high of C$6.06. The stock has a market capitalization of C$622.69 million, a PE ratio of -3.99, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.07. The company had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. Equities analysts predict that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Insider Buying and Selling

In other news, Senior Officer Greg Berard purchased 10,105 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of C$4.42 per share, with a total value 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.