Converge Technology Solutions Corp. (TSE:CTS – Get Free Report)’s share price dropped 9.6% on Thursday . The company traded as low as C$5.03 and last traded at C$5.18. Approximately 540,834 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 479,214 shares. The stock had previously closed at C$5.73.
Wall Street Analysts Forecast Growth
CTS has been the topic of a number of research reports. Raymond James raised their price objective on Converge Technology Solutions from C$5.50 to C$6.50 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Eight Capital raised their target price on Converge Technology Solutions from C$7.00 to C$9.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Scotiabank boosted their price target on Converge Technology Solutions from C$7.00 to C$8.00 in a research report on Thursday, March 14th. TD Securities increased their price objective on shares of Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a “hold” rating in a research report on Thursday, March 7th. Finally, Desjardins boosted their target price on shares of Converge Technology Solutions from C$6.00 to C$7.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$6.47.
Check Out Our Latest Report on CTS
Converge Technology Solutions Stock Performance
Converge Technology Solutions (TSE:CTS – Get Free Report) last posted its quarterly earnings data on Wednesday, March 6th. The company reported C$0.19 EPS for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.07. The firm had revenue of C$651.09 million for the quarter, compared to the consensus estimate of C$712.08 million. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. Equities analysts forecast that Converge Technology Solutions Corp. will post 0.599777 EPS for the current year.
Converge Technology Solutions Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 26th. Investors of record on Tuesday, March 12th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.78%. The ex-dividend date was Monday, March 11th. Converge Technology Solutions’s dividend payout ratio is currently -400.00%.
Insiders Place Their Bets
In other news, Senior Officer Greg Berard purchased 8,775 shares of the stock in a transaction dated Wednesday, March 20th. The stock was acquired at an average cost of C$5.80 per share, for a total transaction of C$50,895.00. Insiders have bought a total of 11,590 shares of company stock valued at $66,944 in the last quarter. Insiders own 5.83% of the company’s stock.
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.
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