Brokerages Set Open Text Co. (NASDAQ:OTEX) Price Target at $35.18

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have been assigned an average rating of “Hold” from the twelve analysts that are covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $35.18.

A number of research analysts have weighed in on the company. TD Securities lowered their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Citigroup increased their target price on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Finally, Barclays upped their price objective on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th.

Institutional Trading of Open Text

Several institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in Open Text in the 4th quarter worth approximately $93,216,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after buying an additional 2,586,549 shares in the last quarter. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock worth $522,879,000 after buying an additional 1,957,695 shares in the last quarter. Criteria Caixa S.A.U. bought a new position in shares of Open Text during the fourth quarter worth $32,890,000. Finally, Brandes Investment Partners LP boosted its position in shares of Open Text by 29.2% during the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after acquiring an additional 1,017,065 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 0.8 %

Open Text stock opened at $26.31 on Monday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. Open Text has a one year low of $24.86 and a one year high of $40.55. The stock has a market capitalization of $6.95 billion, a PE ratio of 10.70 and a beta of 1.17. The business’s fifty day moving average is $27.56 and its 200 day moving average is $29.76.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, sell-side analysts predict that Open Text will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.99%. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

About Open Text

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.