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

Shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) have earned an average recommendation of “Hold” from the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. Eleven research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $35.75.

A number of brokerages recently weighed in on OTEX. 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 note on Thursday, November 6th. Raymond James Financial cut their price target on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. National Bank Financial set a $45.00 price target on Open Text and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. TD Securities raised Open Text to a “hold” rating in a research report on Monday, February 2nd. Finally, Citigroup dropped their price objective on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, February 6th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC acquired a new stake in Open Text in the 3rd quarter valued at approximately $33,000. Sagard Holdings Management Inc. bought a new stake in shares of Open Text in the 2nd quarter valued at $30,000. MAI Capital Management raised its stake in shares of Open Text by 58.7% during the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the period. WealthCollab LLC increased its position in Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

OTEX traded down $0.60 on Thursday, reaching $23.66. The stock had a trading volume of 854,849 shares, compared to its average volume of 2,129,217. The business’s 50-day moving average price is $30.61 and its two-hundred day moving average price is $33.35. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57. Open Text has a 12-month low of $22.44 and a 12-month high of $39.90. The company has a market cap of $5.93 billion, a P/E ratio of 13.89 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping the consensus estimate of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the previous year, the business earned $1.11 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts forecast that Open Text will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 4.6%. Open Text’s dividend payout ratio is presently 64.71%.

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.