UBS Group Issues Positive Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective increased by UBS Group from $32.00 to $38.00 in a research report report published on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the software maker’s stock.

A number of other equities research analysts also recently issued reports on OTEX. TD Securities downgraded Open Text from a “buy” rating to a “hold” rating and boosted their price target for the company from $35.00 to $40.00 in a research note on Friday, October 3rd. TD Cowen reaffirmed a “hold” rating and set a $40.00 target price on shares of Open Text in a report on Friday, October 3rd. Jefferies Financial Group increased their price target on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, National Bankshares set a $45.00 price target on Open Text and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Three analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Open Text presently has an average rating of “Hold” and an average price target of $39.42.

Open Text Stock Performance

Shares of NASDAQ:OTEX traded down $1.41 during midday trading on Friday, reaching $34.57. 2,883,467 shares of the company’s stock traded hands, compared to its average volume of 1,306,280. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text has a one year low of $22.79 and a one year high of $39.90. The company has a market cap of $8.71 billion, a price-to-earnings ratio of 20.95 and a beta of 1.14. The stock has a 50 day moving average of $37.24 and a 200 day moving average of $31.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its 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. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the business earned $0.93 EPS. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, December 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.2%. Open Text’s dividend payout ratio is currently 57.59%.

Institutional Trading of Open Text

Several hedge funds have recently bought and sold shares of OTEX. Sagard Holdings Management Inc. purchased a new position in shares of Open Text during the second quarter valued at about $30,000. MAI Capital Management grew its holdings in Open Text by 58.7% during the 2nd 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 in the last quarter. Cromwell Holdings LLC increased its stake in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after acquiring an additional 352 shares during the last quarter. WealthCollab LLC raised its holdings in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after acquiring an additional 464 shares in the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares in the last quarter. Hedge funds and other institutional investors 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.