Open Text (NASDAQ:OTEX) Price Target Cut to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by Barclays from $44.00 to $38.00 in a research report released on Friday morning, Marketbeat.com reports. Barclays currently has an equal weight rating on the software maker’s stock.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Open Text in a research note on Tuesday, February 27th. They set a buy rating and a $45.00 target price for the company. Royal Bank of Canada reaffirmed an outperform rating and issued a $53.00 price target on shares of Open Text in a report on Friday, February 2nd. CIBC boosted their target price on Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. BMO Capital Markets cut shares of Open Text from an outperform rating to a market perform rating and dropped their target price for the company from $50.00 to $38.00 in a research report on Friday. Finally, TD Securities upped their target price on shares of Open Text from $53.00 to $54.00 and gave the company a buy rating in a research note on Friday, February 2nd. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $42.25.

Open Text Trading Down 0.1 %

OTEX traded down $0.03 during trading on Friday, reaching $30.22. The company had a trading volume of 1,476,105 shares, compared to its average volume of 652,598. Open Text has a 12-month low of $28.19 and a 12-month high of $45.47. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 48.63 and a beta of 1.11. The firm’s 50-day simple moving average is $37.32 and its 200 day simple moving average is $38.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. Equities research analysts anticipate that Open Text will post 4.14 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.435 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, May 31st. This represents a $1.74 annualized dividend and a yield of 5.76%. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Hedge Funds Weigh In On Open Text

A number of institutional investors and hedge funds have recently modified their holdings of the business. Forsta AP Fonden raised its stake in Open Text by 10.4% during the 3rd quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock worth $2,623,000 after buying an additional 7,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Open Text by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock valued at $11,420,000 after buying an additional 38,366 shares during the last quarter. Inspire Investing LLC grew its stake in Open Text by 23.4% in the 3rd quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock valued at $617,000 after purchasing an additional 3,328 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Open Text by 5.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock valued at $4,164,000 after acquiring an additional 6,412 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Open Text by 0.6% during the 3rd quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock worth $28,671,000 after acquiring an additional 5,037 shares during the period. 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.