Open Text Corporation (NASDAQ:OTEX) Given Consensus Recommendation of “Hold” by Analysts

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has been given a consensus recommendation of “Hold” by the fourteen ratings firms that are currently covering the company, MarketBeat reports. Eleven research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $39.25.

OTEX has been the subject of several analyst reports. Scotiabank raised shares of Open Text from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $35.00 to $50.00 in a research report on Wednesday, September 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. Barclays boosted their target price on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 21st. Citigroup decreased their price target on shares of Open Text from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, December 23rd. Finally, National Bankshares set a $45.00 price objective on shares of Open Text and gave the company an “outperform” rating in a report on Thursday, October 23rd.

Open Text Price Performance

Open Text stock opened at $30.94 on Friday. 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 stock has a market cap of $7.79 billion, a price-to-earnings ratio of 16.20 and a beta of 1.08. The firm has a 50-day moving average of $33.28 and a two-hundred day moving average of $33.66. Open Text has a 1 year low of $22.79 and a 1 year high of $39.90.

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

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.6%. Open Text’s dividend payout ratio is currently 57.59%.

Institutional Trading of Open Text

Several large investors have recently made changes to their positions in the business. Cromwell Holdings LLC grew its position in Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after purchasing an additional 352 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Open Text by 2.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock valued at $385,000 after acquiring an additional 370 shares during the period. Tidal Investments LLC increased its stake in shares of Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after purchasing an additional 460 shares in the last quarter. WealthCollab LLC raised its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Company Profile

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.