Open Text Co. (NASDAQ:OTEX) Receives $42.25 Average Price Target from Brokerages

Shares of Open Text Co. (NASDAQ:OTEXGet Free Report) (TSE:OTC) have earned an average rating of “Hold” from the eleven brokerages that are currently covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $42.25.

OTEX has been the subject of several recent analyst reports. Barclays reduced their target price on Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. CIBC lowered their target price on Open Text from $44.00 to $38.50 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Jefferies Financial Group cut their price target on shares of Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. TD Securities decreased their price objective on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Scotiabank reiterated a “sector perform” rating on shares of Open Text in a research note on Friday, May 3rd.

Read Our Latest Research Report on OTEX

Institutional Investors Weigh In On Open Text

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Open Text by 1.6% in the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after purchasing an additional 154,240 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its stake in Open Text by 9.9% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after purchasing an additional 782,885 shares during the period. Vontobel Holding Ltd. grew its holdings in Open Text by 182.1% during the 4th quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock valued at $1,563,000 after buying an additional 24,000 shares in the last quarter. Value Partners Investments Inc. increased its position in shares of Open Text by 16.3% during the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after buying an additional 286,766 shares during the period. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Open Text in the third quarter worth about $2,630,000. Institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

OTEX opened at $30.35 on Tuesday. The firm’s fifty day moving average price is $35.06 and its two-hundred day moving average price is $38.41. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of 48.95 and a beta of 1.10. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. Open Text has a 1 year low of $28.19 and a 1 year high of $45.47.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. As a group, analysts anticipate that Open Text will post 3.79 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a $0.435 dividend. The ex-dividend date of this dividend is Friday, May 31st. This is an increase from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a yield of 5.73%. Open Text’s dividend payout ratio (DPR) is 161.29%.

About Open Text

(Get Free Report

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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