Insider Buying: Converge Technology Solutions Corp. (TSE:CTS) Senior Officer Acquires C$24,179.34 in Stock

Converge Technology Solutions Corp. (TSE:CTS) Senior Officer Avjit Kamboj acquired 5,230 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were purchased at an average price of C$4.62 per share, with a total value of C$24,179.34.

Avjit Kamboj also recently made the following trade(s):

• On Monday, June 24th, Avjit Kamboj sold 30,600 shares of Converge Technology Solutions stock. The stock was sold at an average price of C$4.41, for a total value of C$134,946.00.
• On Thursday, June 20th, Avjit Kamboj sold 25,000 shares of Converge Technology Solutions stock. The shares were sold at an average price of C$4.62, for a total transaction of C$115,500.00.

Converge Technology Solutions Stock Performance

TSE CTS opened at C$4.49 on Friday. The stock has a market cap of C$876.45 million, a PE ratio of -5.61, a P/E/G ratio of 0.14 and a beta of 1.81. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The firm has a 50-day moving average of C$4.33 and a 200-day moving average of C$4.90. Converge Technology Solutions Corp. has a 52-week low of C$2.24 and a 52-week high of C$6.06.

Converge Technology Solutions (TSE:CTS) last issued its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. The firm had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. On average, sell-side analysts anticipate that Converge Technology Solutions Corp. will post 0.5850254 EPS for the current year.

Converge Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Tuesday, September 10th will be given a $0.015 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.34%. Converge Technology Solutions’s payout ratio is presently -7.50%.

Analysts Set New Price Targets

CTS has been the subject of a number of analyst reports. Cormark decreased their target price on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research report on Friday, August 9th. Ventum Cap Mkts raised Converge Technology Solutions to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Securities raised Converge Technology Solutions from a “hold” rating to a “buy” rating and lowered their price target for the stock from C$6.00 to C$5.50 in a research report on Friday, August 9th. National Bankshares increased their price objective on Converge Technology Solutions from C$6.00 to C$7.00 in a report on Friday, May 10th. Finally, CIBC lowered their target price on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$6.43.

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.