Open Text (NASDAQ:OTEX) PT Lowered to $37.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by Citigroup from $42.00 to $37.00 in a research note published on Friday, BayStreet.CA reports. Citigroup currently has a neutral rating on the software maker’s stock.

A number of other equities analysts also recently commented on OTEX. TD Securities lifted their price objective on Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research report on Friday, February 2nd. National Bankshares reduced their price target on Open Text from $60.00 to $50.00 and set an outperform rating on the stock in a report on Friday. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a report on Tuesday, February 6th. CIBC lifted their target price on shares of Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a research note on Thursday, January 11th. Finally, Barclays dropped their price target on shares of Open Text from $44.00 to $38.00 and set an equal weight rating for the company in a research note on Friday. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $42.25.

Open Text Price Performance

Shares of NASDAQ OTEX traded down $0.03 during mid-day trading on Friday, reaching $30.22. The company’s stock had a trading volume of 1,477,069 shares, compared to its average volume of 652,609. The stock has a 50-day moving average of $37.32 and a two-hundred day moving average of $38.77. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market capitalization of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11. Open Text has a 1-year low of $28.19 and a 1-year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. On average, equities research analysts anticipate that Open Text will post 4.14 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be given a dividend of $0.435 per share. The ex-dividend date is Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.76%. This is a boost from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Institutional Trading of Open Text

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Open Text by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after buying an additional 154,240 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Open Text during the third quarter worth about $2,630,000. Vontobel Holding Ltd. lifted its position in shares of Open Text by 182.1% during the fourth quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock worth $1,563,000 after purchasing an additional 24,000 shares in the last quarter. Value Partners Investments Inc. boosted its stake in shares of Open Text by 16.3% in the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after purchasing an additional 286,766 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Open Text by 7.1% in the third quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock valued at $29,543,000 after purchasing an additional 55,360 shares in the last quarter. Hedge funds and other 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.