Open Text (NASDAQ:OTEX) Hits New 52-Week Low – Here’s Why

Open Text Co. (NASDAQ:OTEX) (TSE:OTC)’s share price reached a new 52-week low during trading on Monday . The company traded as low as $24.61 and last traded at $24.99, with a volume of 49937 shares. The stock had previously closed at $25.29.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. UBS Group initiated coverage on Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Citigroup raised their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Barclays increased their price target on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Finally, TD Securities decreased their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Open Text has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Trading Down 1.0 %

The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 10.18 and a beta of 1.17. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50 day moving average price of $27.38 and a two-hundred day moving average price of $29.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, research analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 4.19%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

Hedge Funds Weigh In On Open Text

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in shares of Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after purchasing an additional 351 shares in the last quarter. Blue Trust Inc. raised its position 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 valued at $39,000 after buying an additional 398 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares during the last quarter. Finally, DGS Capital Management LLC lifted its position in Open Text by 2.0% during the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock worth $750,000 after buying an additional 530 shares in the last quarter. 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.