Open Text (NASDAQ:OTEX) Price Target Lowered to $31.00 at Royal Bank of Canada

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target trimmed by Royal Bank of Canada from $33.00 to $31.00 in a report published on Friday, Marketbeat.com reports. The brokerage currently has a sector perform rating on the software maker’s stock.

OTEX has been the subject of a number of other reports. TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Barclays lowered their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. UBS Group started coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Finally, Scotiabank decreased their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.45.

Open Text Stock Down 5.7 %

Shares of NASDAQ OTEX opened at $27.86 on Friday. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12. Open Text has a 12-month low of $26.84 and a 12-month high of $42.17. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm’s 50-day moving average price is $28.90 and its 200-day moving average price is $30.64.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.33% and a net margin of 12.21%. On average, equities research analysts anticipate that Open Text will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 3.77%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

Institutional Trading of Open Text

Institutional investors have recently made changes to their positions in the company. AustralianSuper Pty Ltd purchased a new position in shares of Open Text in the 3rd quarter valued at about $8,011,000. The Manufacturers Life Insurance Company increased its holdings in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after acquiring an additional 63,620 shares in the last quarter. Natixis Advisors LLC acquired a new position in Open Text in the 3rd quarter valued at about $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock valued at $2,871,000 after purchasing an additional 48,111 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Open Text during the 3rd quarter worth about $2,232,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Company Profile

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.