Zacks Investment Research downgraded shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.
According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “
Several other equities research analysts have also commented on OTEX. BidaskClub lowered Open Text Corporation from a hold rating to a sell rating in a research note on Thursday, June 29th. Beacon Securities upgraded Open Text Corporation from a hold rating to a buy rating in a research note on Wednesday, July 5th. Royal Bank Of Canada restated a buy rating and issued a $40.00 price objective on shares of Open Text Corporation in a research note on Wednesday, July 12th. Scotiabank restated an outperform rating and issued a $50.00 price objective (up from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. Finally, BMO Capital Markets restated an outperform rating and issued a $40.00 price objective on shares of Open Text Corporation in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $41.75.
Shares of Open Text Corporation (NASDAQ:OTEX) traded down 0.21% during trading on Friday, reaching $33.79. The company’s stock had a trading volume of 716,611 shares. The firm has a market cap of $8.93 billion, a PE ratio of 8.43 and a beta of 0.47. Open Text Corporation has a 12 month low of $29.30 and a 12 month high of $35.21. The company’s 50 day moving average price is $32.60 and its 200 day moving average price is $32.74.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). The company had revenue of $663.60 million for the quarter, compared to analysts’ expectations of $662.36 million. Open Text Corporation had a net margin of 44.77% and a return on equity of 8.92%. Open Text Corporation’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, equities analysts predict that Open Text Corporation will post $2.48 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Friday, September 1st were issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Wednesday, August 30th. Open Text Corporation’s dividend payout ratio (DPR) is presently 12.74%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its holdings in shares of Open Text Corporation by 91.9% during the 1st quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after purchasing an additional 2,294 shares during the last quarter. Bank of Nova Scotia Trust Co. boosted its holdings in shares of Open Text Corporation by 7.5% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock valued at $205,000 after purchasing an additional 452 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in shares of Open Text Corporation by 100.0% during the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,200 shares of the software maker’s stock valued at $210,000 after purchasing an additional 3,100 shares during the last quarter. Creative Planning boosted its holdings in shares of Open Text Corporation by 48.7% during the 2nd quarter. Creative Planning now owns 6,714 shares of the software maker’s stock valued at $212,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Yorktown Management & Research Co Inc bought a new position in shares of Open Text Corporation during the 2nd quarter valued at about $243,000. 66.26% of the stock is owned by institutional investors and hedge funds.
About Open Text Corporation
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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