Open Text (NASDAQ:OTEX) Downgraded to “Hold” at Zacks Investment Research

Share on StockTwits

Zacks Investment Research downgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

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. “

A number of other analysts have also weighed in on the stock. Benchmark reissued a buy rating and issued a $48.00 price target (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. BidaskClub raised shares of Open Text from a sell rating to a hold rating in a report on Friday, May 3rd. Raymond James set a $48.00 price target on shares of Open Text and gave the company an outperform rating in a report on Friday, July 19th. Finally, CIBC reissued a buy rating and issued a $53.00 price target on shares of Open Text in a report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Open Text has an average rating of Buy and a consensus target price of $47.33.

NASDAQ OTEX opened at $37.53 on Friday. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of 35.41 and a beta of 0.53. The business’s 50 day moving average price is $42.00. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.67. Open Text has a 1-year low of $30.99 and a 1-year high of $44.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). The company had revenue of $747.20 million during the quarter, compared to analyst estimates of $763.51 million. Open Text had a net margin of 9.95% and a return on equity of 7.50%. The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business earned $0.72 EPS. Research analysts expect that Open Text will post 1.59 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be paid a $0.175 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This is a boost from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 dividend on an annualized basis and a yield of 1.87%. Open Text’s dividend payout ratio (DPR) is presently 66.04%.

A number of hedge funds have recently made changes to their positions in the business. Bank of Montreal Can boosted its stake in Open Text by 11.1% in the first quarter. Bank of Montreal Can now owns 3,011,673 shares of the software maker’s stock valued at $115,740,000 after acquiring an additional 301,360 shares during the last quarter. First Trust Advisors LP boosted its stake in Open Text by 10.1% in the first quarter. First Trust Advisors LP now owns 2,734,060 shares of the software maker’s stock valued at $105,070,000 after acquiring an additional 251,035 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Open Text by 4.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,499,554 shares of the software maker’s stock valued at $96,001,000 after acquiring an additional 98,929 shares during the last quarter. Norges Bank bought a new position in Open Text in the fourth quarter valued at approximately $66,347,000. Finally, FMR LLC boosted its stake in Open Text by 1.8% in the first quarter. FMR LLC now owns 1,516,784 shares of the software maker’s stock valued at $58,238,000 after acquiring an additional 26,655 shares during the last quarter. 67.33% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

Read More: What is a Reverse Stock Split?

Get a free copy of the Zacks research report on Open Text (OTEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Open Text (NASDAQ:OTEX)

Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Sabre Corp  Shares Bought by Cpwm LLC
Sabre Corp Shares Bought by Cpwm LLC
Research Analysts’ New Coverage for August, 19th
Research Analysts’ New Coverage for August, 19th
Equities Research Analysts’ Price Target Changes for August, 19th
Equities Research Analysts’ Price Target Changes for August, 19th
Stock Analysts’ Updated EPS Estimates for August, 19th
Stock Analysts’ Updated EPS Estimates for August, 19th
Microchip Technology Inc.  Declares Quarterly Dividend of $0.37
Microchip Technology Inc. Declares Quarterly Dividend of $0.37
Cedar Capital LLC Increases Stake in ISHARES TR/3-7 YR TREAS BD ETF
Cedar Capital LLC Increases Stake in ISHARES TR/3-7 YR TREAS BD ETF


© 2006-2019 Ticker Report