TD Securities Cuts Converge Technology Solutions (TSE:CTS) Price Target to C$4.50

Converge Technology Solutions (TSE:CTS) had its price objective lowered by TD Securities from C$5.00 to C$4.50 in a report released on Wednesday morning,BayStreet.CA reports.

Several other equities analysts also recently issued reports on the stock. Scotiabank downgraded shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. National Bank Financial lowered Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Raymond James lowered their price objective on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Canaccord Genuity Group reduced their target price on Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday, October 25th. Finally, Cormark cut Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$5.86.

Converge Technology Solutions Price Performance

TSE:CTS opened at C$3.55 on Wednesday. Converge Technology Solutions has a 12-month low of C$2.90 and a 12-month high of C$6.06. The firm has a market cap of C$692.96 million, a price-to-earnings ratio of -4.44, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company’s 50-day moving average is C$4.07 and its two-hundred day moving average is C$4.44. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions Dividend Announcement

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

Insider Buying and Selling at Converge Technology Solutions

In related news, Senior Officer Greg Berard acquired 10,105 shares of Converge Technology Solutions stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is currently owned by corporate insiders.

About Converge Technology Solutions

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.