Ventum Financial Lowers Converge Technology Solutions (TSE:CTS) Price Target to C$5.20

Converge Technology Solutions (TSE:CTS) had its price objective cut by Ventum Financial from C$6.20 to C$5.20 in a report released on Wednesday,BayStreet.CA reports.

Other equities research analysts also recently issued reports about the company. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from C$6.00 to C$4.50 in a research report on Friday, October 25th. National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. CIBC dropped their price target on Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Raymond James reduced their price objective on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Finally, Cormark downgraded shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a research note on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$5.86.

Converge Technology Solutions Stock Performance

TSE:CTS opened at C$3.55 on Wednesday. The firm has a market capitalization of C$692.96 million, a PE ratio of -4.44, a PEG ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 1 year low of C$2.90 and a 1 year high of C$6.06. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08. The firm’s fifty day simple moving average is C$4.07 and its 200 day simple moving average is C$4.43.

Converge Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 28th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.015 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a yield of 1.69%. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

Insider Activity

In related news, Senior Officer Greg Berard acquired 10,105 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost 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.