Echelon Wealth Partners Analysts Lower Earnings Estimates for Converge Technology Solutions Corp. (TSE:CTS)

Converge Technology Solutions Corp. (TSE:CTSGet Rating) – Stock analysts at Echelon Wealth Partners dropped their Q3 2022 earnings per share (EPS) estimates for shares of Converge Technology Solutions in a research note issued on Thursday, June 16th. Echelon Wealth Partners analyst R. Goff now expects that the company will post earnings per share of $0.08 for the quarter, down from their previous forecast of $0.09. Echelon Wealth Partners currently has a “Buy” rating and a $14.50 price objective on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.68 per share. Echelon Wealth Partners also issued estimates for Converge Technology Solutions’ Q4 2022 earnings at $0.14 EPS, FY2022 earnings at $0.31 EPS and FY2023 earnings at $0.68 EPS.

Several other equities analysts have also recently weighed in on CTS. Canaccord Genuity Group decreased their price objective on Converge Technology Solutions from C$14.50 to C$12.00 in a report on Thursday, May 12th. CIBC decreased their price objective on Converge Technology Solutions from C$11.00 to C$7.00 in a report on Tuesday. Berenberg Bank decreased their price objective on Converge Technology Solutions from C$18.25 to C$14.00 in a report on Tuesday, May 31st. Desjardins reiterated a “buy” rating on shares of Converge Technology Solutions in a report on Wednesday, March 23rd. Finally, National Bankshares set a C$14.00 price target on Converge Technology Solutions and gave the stock an “outperform” rating in a report on Wednesday, April 27th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$12.38.

Shares of TSE CTS opened at C$5.72 on Friday. The stock has a market capitalization of C$1.23 billion and a price-to-earnings ratio of 119.17. The business has a 50-day moving average of C$6.95 and a 200-day moving average of C$7.72. The company has a debt-to-equity ratio of 28.01, a current ratio of 1.14 and a quick ratio of 0.89. Converge Technology Solutions has a fifty-two week low of C$5.72 and a fifty-two week high of C$13.09.

Converge Technology Solutions (TSE:CTSGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported C$0.10 earnings per share (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 analyst estimates of C$497.63 million.

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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Earnings History and Estimates for Converge Technology Solutions (TSE:CTS)

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