Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Friday.
Other equities analysts also recently issued research reports about the company. Barclays decreased their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. BMO Capital Markets lowered their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. UBS Group initiated coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Finally, Citigroup dropped their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $35.55.
Get Our Latest Stock Analysis on OTEX
Open Text Trading Up 1.1 %
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. Equities research analysts predict that Open Text will post 3.37 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Open Text
Several large investors have recently bought and sold shares of OTEX. Franklin Resources Inc. boosted its holdings in shares of Open Text by 19.9% during the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock valued at $7,086,000 after acquiring an additional 34,135 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Open Text in the third quarter worth approximately $499,000. Toronto Dominion Bank grew its position in Open Text by 169.6% in the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after purchasing an additional 362,422 shares during the period. Geode Capital Management LLC raised its stake in Open Text by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock valued at $46,460,000 after buying an additional 61,696 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Open Text during the 3rd quarter valued at $1,521,000. 70.37% of the stock is currently owned by institutional investors.
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.
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