Royal Bank Of Canada Lowers Open Text (NASDAQ:OTEX) Price Target to $33.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by equities research analysts at Royal Bank Of Canada from $35.00 to $33.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Royal Bank Of Canada’s price target points to a potential upside of 13.88% from the company’s previous close.

Other analysts also recently issued research reports about the company. CIBC decreased their price target on Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. TD Securities lowered Open Text from a “buy” rating to a “hold” rating and upped their target price for the company from $35.00 to $40.00 in a research note on Friday, October 3rd. Zacks Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. Finally, TD Cowen reiterated a “hold” rating and set a $40.00 price target on shares of Open Text in a research report on Friday, October 3rd. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $38.83.

Open Text Stock Performance

NASDAQ:OTEX traded up $0.13 during midday trading on Monday, reaching $28.98. 626,046 shares of the company traded hands, compared to its average volume of 1,135,254. Open Text has a twelve month low of $22.79 and a twelve month high of $39.90. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day moving average price of $32.65 and a 200 day moving average price of $33.70. The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of 15.17 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a net margin of 9.60% and a return on equity of 23.44%. Open Text’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.93 EPS. On average, analysts expect that Open Text will post 3.45 EPS for the current fiscal year.

Institutional Trading of Open Text

Several large investors have recently bought and sold shares of OTEX. Sagard Holdings Management Inc. acquired a new position in Open Text in the 2nd quarter worth about $30,000. CIBC Private Wealth Group LLC acquired a new stake in Open Text during the 3rd quarter worth about $33,000. MAI Capital Management lifted its stake in Open Text by 58.7% in the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after buying an additional 590 shares during the period. Cromwell Holdings LLC boosted its stake in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after acquiring an additional 352 shares in the last quarter. Finally, WealthCollab LLC increased its position in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.