Barclays Has Lowered Expectations for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target cut by Barclays from $36.00 to $29.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Several other equities analysts also recently commented on the stock. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. TD Securities reduced their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Finally, Royal Bank of Canada dropped their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. 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.com, Open Text presently has an average rating of “Hold” and an average target price of $34.55.

Open Text Stock Down 2.4 %

Shares of OTEX opened at $24.89 on Monday. Open Text has a one year low of $22.79 and a one year high of $36.39. The firm has a 50 day simple moving average of $25.93 and a two-hundred day simple moving average of $28.52. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $6.46 billion, a P/E ratio of 10.12 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share 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%. Research analysts forecast that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.22%. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is 42.68%.

Hedge Funds Weigh In On Open Text

A number of hedge funds have recently bought and sold shares of OTEX. IFP Advisors Inc raised its position 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 worth $29,000 after acquiring an additional 515 shares in the last quarter. Versant Capital Management Inc bought a new position in shares of Open Text during the 1st quarter worth approximately $26,000. Blue Trust Inc. grew its position in shares of Open Text by 40.8% during the 4th 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 period. Parallel Advisors LLC lifted its position in shares of Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock valued at $49,000 after acquiring an additional 1,331 shares during the period. Finally, Aquatic Capital Management LLC bought a new position in Open Text during the fourth quarter worth $60,000. Institutional investors own 70.37% of the company’s stock.

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.