Converge Technology Solutions (TSE:CTS) Price Target Lowered to C$7.00 at CIBC

Jaime E. Love

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Converge Technology Solutions (TSE:CTSGet Rating) had its target price cut by CIBC from C$11.00 to C$7.00 in a research note issued to investors on Tuesday, BayStreet.CA reports.

CTS has been the topic of several other reports. Echelon Wealth Partners reiterated a buy rating and set a C$14.50 price objective on shares of Converge Technology Solutions in a research report on Thursday, April 7th. Raymond James set a C$12.50 price objective on shares of Converge Technology Solutions and gave the stock an outperform rating in a research report on Thursday, May 12th. Canaccord Genuity Group lowered their price objective on shares of Converge Technology Solutions from C$14.50 to C$12.00 in a research report on Thursday, May 12th. TD Securities lowered their price objective on shares of Converge Technology Solutions from C$12.00 to C$8.50 and set a hold rating on the stock in a research report on Thursday, May 12th. Finally, National Bankshares set a C$14.00 price objective on shares of Converge Technology Solutions and gave the stock an outperform rating in a research report on Wednesday, April 27th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of C$12.38.

TSE:CTS traded down C$0.13 during midday trading on Tuesday, hitting C$5.97. 410,110 shares of the stock were exchanged, compared to its average volume of 655,903. Converge Technology Solutions has a one year low of C$5.88 and a one year high of C$13.09. The company has a market capitalization of C$1.28 billion and a price-to-earnings ratio of 124.38. The business has a 50-day moving average price of C$7.05 and a two-hundred day moving average price of C$7.79. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 28.01.

Converge Technology Solutions (TSE:CTSGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported C$0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.06 by C$0.04. The business had revenue of C$550.04 million during the quarter, compared to analyst estimates of C$497.63 million. Sell-side analysts forecast that Converge Technology Solutions will post 0.6064446 EPS for the current fiscal year.

About Converge Technology Solutions (Get Rating)

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.

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