Converge Technology Solutions (TSE:CTS) Rating Increased to Strong-Buy at Ventum Cap Mkts

Ventum Cap Mkts upgraded shares of Converge Technology Solutions (TSE:CTS) to a strong-buy rating in a report issued on Tuesday morning, Zacks.com reports. Ventum Cap Mkts also issued estimates for Converge Technology Solutions’ Q2 2024 earnings at $0.11 EPS, Q3 2024 earnings at $0.15 EPS, Q4 2024 earnings at $0.16 EPS, FY2025 earnings at $0.59 EPS, FY2026 earnings at $0.68 EPS and FY2027 earnings at $0.82 EPS.

Several other research analysts have also recently weighed in on the stock. Scotiabank increased their price target on shares of Converge Technology Solutions from C$7.00 to C$8.00 in a report on Thursday, March 14th. National Bankshares increased their target price on shares of Converge Technology Solutions from C$6.00 to C$7.00 in a research report on Friday, May 10th. Raymond James lifted their price target on shares of Converge Technology Solutions from C$5.50 to C$6.50 and gave the company an outperform rating in a research report on Thursday, March 7th. TD Securities increased their price target on Converge Technology Solutions from C$4.25 to C$6.00 and gave the stock a hold rating in a research report on Thursday, March 7th. Finally, Cormark dropped their price target on Converge Technology Solutions from C$7.00 to C$6.50 in a research note on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Converge Technology Solutions has a consensus rating of Moderate Buy and a consensus price target of C$6.63.

Converge Technology Solutions Trading Down 1.6 %

TSE CTS opened at C$4.30 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 58.49. The stock has a 50 day moving average of C$5.03 and a 200-day moving average of C$4.86. Converge Technology Solutions has a 12 month low of C$2.24 and a 12 month high of C$6.06. The company has a market cap of C$859.44 million, a PE ratio of -430.00, a PEG ratio of 0.14 and a beta of 1.93.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.11. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. The firm had revenue of C$628.77 million for the quarter, compared to the consensus estimate of C$661.10 million. On average, equities research analysts anticipate that Converge Technology Solutions will post 0.5411111 EPS for the current fiscal year.

Converge Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 23rd were given a dividend of $0.015 per share. This is an increase from Converge Technology Solutions’s previous quarterly dividend of $0.01. This represents a $0.06 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Wednesday, May 22nd. Converge Technology Solutions’s dividend payout ratio is currently -600.00%.

Insider Buying and Selling at Converge Technology Solutions

In related news, Senior Officer Greg Berard purchased 8,197 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were bought at an average cost of C$4.68 per share, with a total value of C$38,361.96. In other Converge Technology Solutions news, Senior Officer Avjit Kamboj sold 30,600 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of C$4.41, for a total value of C$134,946.00. Also, Senior Officer Greg Berard purchased 8,197 shares of Converge Technology Solutions stock in a transaction dated Tuesday, June 4th. The shares were purchased at an average price of C$4.68 per share, for a total transaction of C$38,361.96. Company insiders own 5.45% 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.