Open Text (NASDAQ:OTEX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a buy rating to a strong-buy rating in a research report released on Monday morning.

Several other research analysts have also recently weighed in on OTEX. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Barclays upped their price objective on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Citigroup dropped their price objective on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. UBS Group set a $25.00 target price on shares of Open Text in a report on Friday, May 8th. Finally, Raymond James Financial decreased their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Open Text currently has an average rating of “Hold” and an average price target of $33.67.

Open Text Trading Down 2.5%

NASDAQ OTEX opened at $22.21 on Monday. Open Text has a 1 year low of $19.77 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $5.38 billion, a PE ratio of 10.83 and a beta of 1.04. The company has a fifty day moving average of $22.67 and a 200 day moving average of $24.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $0.82 EPS. Research analysts forecast that Open Text will post 4.05 earnings per share for the current year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 5.0%. Open Text’s dividend payout ratio is presently 53.66%.

Institutional Trading of Open Text

Institutional investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC acquired a new position in shares of Open Text during the 3rd quarter worth approximately $33,000. WealthCollab LLC grew its stake in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after acquiring an additional 1,580 shares during the period. Osaic Holdings Inc. increased its holdings in Open Text by 108.8% in 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. Finally, EverSource Wealth Advisors LLC increased its holdings in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after acquiring an additional 570 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

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.