Open Text (NASDAQ:OTEX) PT Lowered to $36.00

Open Text (NASDAQ:OTEXFree Report) (TSE:OTC) had its target price reduced by CIBC from $38.50 to $36.00 in a research note released on Friday morning, Marketbeat reports. They currently have a neutral rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group decreased their price objective on Open Text from $45.00 to $42.00 and set a buy rating on the stock in a report on Friday, May 3rd. Raymond James decreased their price objective on Open Text from $55.00 to $48.00 and set an outperform rating on the stock in a report on Friday, May 3rd. National Bankshares decreased their price objective on Open Text from $60.00 to $50.00 and set an outperform rating on the stock in a report on Friday, May 3rd. Barclays decreased their price objective on Open Text from $44.00 to $38.00 and set an equal weight rating on the stock in a report on Friday, May 3rd. Finally, Citigroup decreased their price objective on Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text presently has a consensus rating of Moderate Buy and a consensus target price of $42.00.

Get Our Latest Stock Analysis on Open Text

Open Text Trading Up 2.0 %

Shares of OTEX stock opened at $29.69 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. The business has a 50-day moving average price of $31.19 and a two-hundred day moving average price of $36.98. Open Text has a 12-month low of $27.54 and a 12-month high of $45.47. The firm has a market cap of $8.01 billion, a P/E ratio of 47.89 and a beta of 1.11.

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

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Friday, May 31st were issued a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a yield of 5.86%. The ex-dividend date was Friday, May 31st. This is an increase from Open Text’s previous quarterly dividend of $0.25. Open Text’s payout ratio is currently 159.68%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Mariner LLC raised its position in shares of Open Text by 8.2% in the 3rd quarter. Mariner LLC now owns 28,032 shares of the software maker’s stock worth $984,000 after acquiring an additional 2,134 shares in the last quarter. Merlin Capital Inc bought a new position in shares of Open Text in the 3rd quarter worth approximately $347,000. Qube Research & Technologies Ltd bought a new position in shares of Open Text in the 3rd quarter worth approximately $2,630,000. Bank of Nova Scotia Trust Co. raised its position in shares of Open Text by 5.5% in the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 12,222 shares of the software maker’s stock worth $429,000 after acquiring an additional 634 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its position in shares of Open Text by 247.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 29,400 shares of the software maker’s stock worth $1,032,000 after acquiring an additional 20,949 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Company Profile

(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.

Featured Stories

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.