TD Securities Lowers Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by TD Securities from $40.00 to $38.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the software maker’s stock. TD Securities’ target price would suggest a potential upside of 35.67% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. StockNews.com upgraded Open Text from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 17th. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Finally, Barclays lowered their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and an average price target of $35.55.

Open Text Trading Up 0.2 %

NASDAQ OTEX traded up $0.05 on Tuesday, reaching $28.01. 221,816 shares of the company were exchanged, compared to its average volume of 651,328. Open Text has a fifty-two week low of $27.05 and a fifty-two week high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The business’s fifty day moving average price is $30.52 and its 200 day moving average price is $31.01. The stock has a market capitalization of $7.45 billion, a P/E ratio of 16.19 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Open Text’s revenue was down 11.0% compared to the same quarter last year. During the same period last year, the business earned $0.90 earnings per share. Analysts forecast that Open Text will post 3.37 earnings per share for the current year.

Institutional Trading of Open Text

A number of large investors have recently bought and sold shares of OTEX. Assenagon Asset Management S.A. increased its holdings in shares of Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after purchasing an additional 322 shares during the period. BNP Paribas Financial Markets raised its position in Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after buying an additional 351 shares during the last quarter. Cromwell Holdings LLC lifted its stake in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares during the period. Blue Trust Inc. boosted its holdings in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in shares of Open Text by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after acquiring an additional 874 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.