Analysts Set Open Text Co. (NASDAQ:OTEX) PT at $35.90

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have earned an average rating of “Hold” from the eleven brokerages that are presently covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $35.90.

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Citigroup cut their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research report on Friday, August 2nd. National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Finally, Scotiabank dropped their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Forsta AP Fonden grew its position in Open Text by 27.5% in the first quarter. Forsta AP Fonden now owns 78,900 shares of the software maker’s stock worth $3,064,000 after acquiring an additional 17,000 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Open Text during the 1st quarter valued at about $32,000. Forge First Asset Management Inc. bought a new position in shares of Open Text in the 1st quarter valued at approximately $2,305,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Open Text by 3.7% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 182,142 shares of the software maker’s stock worth $7,010,000 after purchasing an additional 6,500 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in Open Text during the first quarter valued at approximately $762,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Down 5.1 %

Shares of NASDAQ OTEX opened at $28.94 on Tuesday. The stock has a market capitalization of $7.69 billion, a PE ratio of 16.82 and a beta of 1.13. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a fifty day moving average of $32.32 and a 200-day moving average of $31.23. Open Text has a 52-week low of $27.50 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm’s revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS. On average, analysts anticipate that Open Text will post 3.37 EPS for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a yield of 3.62%. The ex-dividend date is Friday, November 29th. Open Text’s payout ratio is 60.69%.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.