Thu. Oct 6th, 2022

Converge Technology Solutions (TSE:CTS – Get Rating) had its target price dropped by analysts at Scotiabank from C$14.00 to C$11.00 in a report issued on Monday, BayStreet.CA reports. Scotiabank’s price target indicates a potential upside of 91.30% from the company’s previous close.

Several other research firms have also issued reports on CTS. TD Securities cut their price target on shares of Converge Technology Solutions from C$12.00 to C$8.50 and set a “hold” rating for the company in a research report on Thursday, May 12th. Cormark cut their target price on Converge Technology Solutions from C$11.50 to C$10.00 and set a “na” rating on the stock in a research note on Monday, June 27th. Canaccord Genuity Group cut their target price on Converge Technology Solutions from C$14.50 to C$12.00 in a research note on Thursday, May 12th. National Bank Financial restated an “outperfrom under weight” rating on shares of Converge Technology Solutions in a report on Tuesday, April 26th. Finally, National Bankshares decreased their target price on shares of Converge Technology Solutions from C$14.00 to C$12.00 and set an “outperform” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Converge Technology Solutions currently has an average rating of “Moderate Buy” and an average price target of C$11.60.

Converge Technology Solutions Stock Performance

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Shares of TSE CTS traded down C$0.05 during midday trading on Monday, reaching C$5.75. The company’s stock had a trading volume of 110,452 shares, compared to its average volume of 705,048. Converge Technology Solutions has a 12-month low of C$4.85 and a 12-month high of C$13.09. The company has a debt-to-equity ratio of 28.01, a current ratio of 1.14 and a quick ratio of 0.89. The firm has a 50 day moving average price of C$5.43 and a 200-day moving average price of C$6.72. The stock has a market capitalization of C$1.24 billion and a P/E ratio of 115.40.

Converge Technology Solutions (TSE:CTS – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported C$0.10 EPS for the quarter, beating the consensus estimate of C$0.06 by C$0.04. The firm had revenue of C$550.04 million during the quarter, compared to analysts’ expectations of C$497.63 million. As a group, equities analysts predict that Converge Technology Solutions will post 0.641111 earnings per share for the current year.

Converge Technology Solutions Company Profile

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Converge Technology Solutions Corp., through its subsidiaries, distributes storage devices and systems, computer products, software, and peripherals. The company also provides installation and maintenance; analytics, hybrid cloud, infrastructure, and cybersecurity services; cloud delivery, compute efficiency, network optimization, and IT spend optimization solutions; and IT professional services, such as data center infrastructure integration and solutioning, and cloud optimization.

Further Reading

Analyst Recommendations for Converge Technology Solutions (TSE:CTS)

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