TD Securities Cuts Open Text (NASDAQ:OTEX) Price Target to $35.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price trimmed by TD Securities from $38.00 to $35.00 in a report released on Sunday,BayStreet.CA reports. The firm currently has a buy rating on the software maker’s stock.

A number of other brokerages have also recently weighed in on OTEX. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Barclays boosted their target price on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, BMO Capital Markets dropped their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $35.18.

Open Text Stock Down 0.8 %

Shares of OTEX opened at $28.66 on Friday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text has a 1 year low of $26.84 and a 1 year high of $41.96. The stock has a market capitalization of $7.56 billion, a PE ratio of 11.65 and a beta of 1.12. The company’s 50-day simple moving average is $28.82 and its 200-day simple moving average is $30.60.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating 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%. Analysts forecast that Open Text will post 3.37 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 Friday, March 21st. Investors of record on Friday, March 7th will be given a $0.2625 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 3.66%. Open Text’s payout ratio is currently 42.68%.

Institutional Trading of Open Text

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its holdings in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares during the period. IFP Advisors Inc raised its stake in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after acquiring an additional 515 shares during the period. Cromwell Holdings LLC lifted its holdings in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares in the last quarter. Generali Asset Management SPA SGR purchased a new stake in Open Text during the 4th quarter worth $62,000. Finally, Allworth Financial LP increased its holdings in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares in the last quarter. Institutional investors and hedge funds 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.