Open Text (NASDAQ:OTEX) Price Target Cut to $30.00 by Analysts at Scotiabank

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective dropped by Scotiabank from $35.00 to $30.00 in a research note issued on Monday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective indicates a potential upside of 11.40% from the company’s current price.

Other equities analysts have also issued reports about the company. Barclays dropped their price objective on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. TD Securities reduced their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Citigroup upped their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Finally, National Bankshares dropped their target price on Open Text from $38.00 to $34.00 and set a “sector perform” rating for the company in a report on Friday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $33.64.

Open Text Stock Down 0.3 %

Shares of OTEX traded down $0.07 during trading hours on Monday, reaching $26.93. The stock had a trading volume of 394,386 shares, compared to its average volume of 1,105,913. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a 50-day simple moving average of $25.76 and a 200 day simple moving average of $28.32. Open Text has a 12 month low of $22.79 and a 12 month high of $36.05. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 10.95 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Equities research analysts predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Text

Several institutional investors have recently made changes to their positions in OTEX. Versant Capital Management Inc purchased a new position in Open Text in the 1st quarter worth approximately $26,000. IFP Advisors Inc grew its holdings in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Open Text by 40.8% in 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 in the last quarter. Parallel Advisors LLC lifted its stake in shares of Open Text by 219.3% in the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock valued at $49,000 after purchasing an additional 1,331 shares during the last quarter. Finally, Aquatic Capital Management LLC purchased a new position in shares of Open Text in the 4th quarter worth approximately $60,000. Institutional investors 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.