Converge Technology Solutions (TSE:CTS) Price Target Raised to C$5.50

Converge Technology Solutions (TSE:CTS) had its price objective lifted by stock analysts at CIBC from C$4.00 to C$5.50 in a report released on Monday,BayStreet.CA reports. CIBC’s price target suggests a potential upside of 1.85% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday, October 25th. Ventum Financial raised their price target on Converge Technology Solutions from C$5.20 to C$6.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Stifel Canada upgraded Converge Technology Solutions to a “strong-buy” rating in a report on Wednesday, January 15th. National Bankshares cut Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Finally, National Bank Financial lowered Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$5.73.

Converge Technology Solutions Stock Performance

CTS traded down C$0.01 on Monday, hitting C$5.40. 7,533,224 shares of the stock traded hands, compared to its average volume of 1,135,286. The business has a fifty day moving average price of C$3.48 and a two-hundred day moving average price of C$3.87. The firm has a market capitalization of C$1.05 billion, a PE ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 52 week low of C$2.90 and a 52 week high of C$6.06. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported C$0.12 EPS for the quarter, topping analysts’ consensus estimates of C$0.08 by C$0.04. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. During the same quarter in the previous year, the business earned $0.10 earnings per share. On average, research analysts predict that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

About Converge Technology Solutions

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.