Open Text (NASDAQ:OTEX) Price Target Cut to $42.00 by Analysts at Jefferies Financial Group

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target cut by Jefferies Financial Group from $45.00 to $42.00 in a research report released on Friday morning, BayStreet.CA reports. They currently have a buy rating on the software maker’s stock.

A number of other equities analysts also recently commented on OTEX. Citigroup cut their target price on shares of Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a research note on Friday. Raymond James reduced their price objective on Open Text from $55.00 to $48.00 and set an outperform rating on the stock in a research note on Friday. CIBC decreased their target price on Open Text from $44.00 to $38.50 and set a neutral rating for the company in a research report on Friday. Royal Bank of Canada reiterated an outperform rating and set a $53.00 target price on shares of Open Text in a report on Friday, February 2nd. Finally, BMO Capital Markets cut Open Text from an outperform rating to a market perform rating and decreased their price target for the stock from $50.00 to $38.00 in a report on Friday. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $42.25.

Open Text Trading Down 0.1 %

OTEX stock traded down $0.03 during trading on Friday, reaching $30.22. 1,477,069 shares of the stock traded hands, compared to its average volume of 652,609. The business’s 50 day moving average price is $37.32 and its 200-day moving average price is $38.77. The firm has a market capitalization of $8.25 billion, a PE ratio of 48.63 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47.

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

Open Text Increases Dividend

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

Institutional Trading of Open Text

A number of institutional investors and hedge funds have recently made changes to their positions in OTEX. Forsta AP Fonden lifted its position in Open Text by 10.4% in the 3rd quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after purchasing an additional 7,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Open Text by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock valued at $11,420,000 after purchasing an additional 38,366 shares during the period. Inspire Investing LLC raised its holdings in shares of Open Text by 23.4% during the third quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock valued at $617,000 after buying an additional 3,328 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Open Text by 5.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock worth $4,164,000 after buying an additional 6,412 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in Open Text by 0.6% in the 3rd quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock worth $28,671,000 after buying an additional 5,037 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.