Open Text Co. (NASDAQ:OTEX) Receives $32.30 Consensus PT from Brokerages

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has earned an average rating of “Hold” from the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $32.30.

Several research firms recently issued reports on OTEX. Royal Bank of Canada reduced their price target on Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 22nd. BMO Capital Markets lowered their price target on shares of Open Text from $30.00 to $28.00 and set a “market perform” rating for the company in a report on Friday, May 2nd. TD Securities cut their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Barclays lowered their price objective on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Finally, Citigroup upped their price target on Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a research report on Friday, May 2nd.

Institutional Trading of Open Text

Hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc bought a new position in shares of Open Text during the first quarter valued at $26,000. IFP Advisors Inc raised its holdings in Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after buying an additional 515 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after buying an additional 398 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock valued at $49,000 after buying an additional 1,331 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Open Text during the fourth quarter valued at approximately $60,000. 70.37% of the stock is owned by institutional investors.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $27.14 on Tuesday. Open Text has a 1-year low of $22.79 and a 1-year high of $34.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock’s 50-day moving average is $25.83 and its 200 day moving average is $27.88. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 11.03 and a beta of 1.15.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The firm’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. On average, sell-side analysts anticipate that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Friday, June 6th. Open Text’s dividend payout ratio is 42.86%.

About Open Text

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.