Converge Technology Solutions (TSE:CTS – Get Free Report) was downgraded by equities researchers at National Bankshares from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday, BayStreet.CA reports. They currently have a C$4.50 target price on the stock, down from their prior target price of C$6.00. National Bankshares’ price target indicates a potential upside of 41.96% from the stock’s current price.
A number of other brokerages have also issued reports on CTS. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and dropped their target price for the stock from C$6.00 to C$5.50 in a research report on Friday, August 9th. CIBC dropped their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th. Cormark reduced their target price on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. Finally, Raymond James decreased their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$6.03.
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Converge Technology Solutions Stock Performance
Converge Technology Solutions (TSE:CTS – Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.07. The firm had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. Sell-side analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current year.
Insider Buying and Selling
In related news, Senior Officer Greg Berard purchased 10,105 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is 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.
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