Converge Technology Solutions (TSE:CTS) Price Target Raised to C$6.00 at Scotiabank

Converge Technology Solutions (TSE:CTS) had its target price increased by analysts at Scotiabank from C$5.50 to C$6.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. Scotiabank’s target price would suggest a potential downside of 0.66% from the stock’s previous close.

CTS has been the topic of a number of other reports. TD Securities raised Converge Technology Solutions from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, February 11th. Stifel Nicolaus set a C$4.00 price objective on shares of Converge Technology Solutions and gave the stock a “hold” rating in a report on Thursday, January 16th. CIBC raised their price objective on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a report on Monday, February 10th. Canaccord Genuity Group lifted their target price on Converge Technology Solutions from C$153.00 to C$154.00 and gave the company a “hold” rating in a report on Friday, March 7th. Finally, Jefferies Financial Group lowered their price objective on shares of Converge Technology Solutions from C$145.00 to C$140.00 and set a “hold” rating on the stock in a research report on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$28.88.

Converge Technology Solutions Price Performance

Shares of CTS traded up C$0.57 during trading hours on Wednesday, reaching C$6.04. The stock had a trading volume of 7,933,069 shares, compared to its average volume of 1,505,737. The company’s 50-day moving average is C$4.98 and its two-hundred day moving average is C$4.16. Converge Technology Solutions has a 12 month low of C$2.90 and a 12 month high of C$6.06. The company has a debt-to-equity ratio of 85.78, a quick ratio of 0.68 and a current ratio of 0.96. The stock has a market capitalization of C$1.14 billion, a PE ratio of -7.24, a PEG ratio of 0.14 and a beta of 1.81.

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.