National Bank Financial Downgrades Converge Technology Solutions (TSE:CTS) to Hold

Converge Technology Solutions (TSE:CTS) was downgraded by equities researchers at National Bank Financial from a “strong-buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

A number of other analysts have also issued reports on the stock. Cormark dropped their price objective on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and decreased their price target for the stock from C$6.00 to C$5.50 in a research report on Friday, August 9th. CIBC decreased their price target on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday. Raymond James decreased their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday. Finally, National Bankshares downgraded shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from C$6.00 to C$4.50 in a report on Friday. Four 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Trading Down 5.6 %

CTS opened at C$3.19 on Thursday. The firm has a market capitalization of C$622.69 million, a P/E ratio of -3.99, a P/E/G ratio of 0.14 and a beta of 1.81. The firm’s 50 day moving average is C$4.45 and its 200-day moving average is C$4.67. Converge Technology Solutions has a 52-week low of C$2.60 and a 52-week high of C$6.06. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.07. The company had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. Analysts expect that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Insider Activity

In other news, Senior Officer Greg Berard purchased 10,105 shares of Converge Technology Solutions stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of C$4.42 per share, with a total value of C$44,684.31. Corporate 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.