TD Securities Issues Pessimistic Forecast for Converge Technology Solutions (TSE:CTS) Stock Price

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

Several other equities research analysts also recently commented on the company. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from C$6.00 to C$4.50 in a report on Friday, October 25th. 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. Cormark downgraded shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a research note on Friday, October 25th. Canaccord Genuity Group lowered their price target on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Finally, Raymond James decreased their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Six investment 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. According to data from MarketBeat.com, Converge Technology Solutions has a consensus rating of “Moderate Buy” and a consensus target price of C$5.86.

Converge Technology Solutions Stock Down 2.9 %

Shares of Converge Technology Solutions stock opened at C$3.63 on Wednesday. The company has a fifty day moving average price of C$4.12 and a 200 day moving average price of C$4.46. 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 has a twelve month low of C$2.90 and a twelve month high of C$6.06. The stock has a market cap of C$708.58 million, a price-to-earnings ratio of -4.68, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions Announces Dividend

The firm also recently disclosed 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 dividend yield of 1.65%. The ex-dividend date is Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio is presently -7.50%.

Insider Activity at Converge Technology Solutions

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 10,105 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of C$4.42 per share, with a total value of C$44,684.31. 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.