StockNews.com Upgrades Open Text (NASDAQ:OTEX) to “Buy”

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Several other research analysts have also weighed in on OTEX. National Bankshares dropped their price objective on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Friday, April 25th. Citigroup increased their price target on shares of Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a research note on Friday, May 2nd. CIBC dropped their price target on shares of Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Royal Bank of Canada dropped their price target on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 22nd. Finally, UBS Group dropped their price target on shares of Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $32.30.

Open Text Stock Down 1.1%

Shares of NASDAQ:OTEX opened at $27.87 on Tuesday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $7.24 billion, a PE ratio of 11.33 and a beta of 1.15. Open Text has a 52 week low of $22.79 and a 52 week high of $34.20. The firm has a 50 day simple moving average of $25.92 and a 200 day simple moving average of $27.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The firm’s quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. As a group, research analysts expect that Open Text will post 3.45 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

A number of institutional investors have recently modified their holdings of OTEX. Versant Capital Management Inc bought a new position in shares of Open Text in the first quarter worth about $26,000. IFP Advisors Inc raised its stake in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after buying an additional 515 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after buying an additional 398 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock worth $49,000 after buying an additional 1,331 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Open Text during the fourth quarter worth approximately $60,000. 70.37% of the stock is owned by institutional investors.

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.