Open Text Co. (NASDAQ:OTEX) Receives $32.30 Average PT from Analysts

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has received a consensus recommendation of “Hold” from the eleven brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $32.30.

Several equities analysts have issued reports on the stock. National Bankshares decreased 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 report on Friday, April 25th. Royal Bank of Canada cut their price objective on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 22nd. Scotiabank lowered their target price on shares of Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a research note on Monday, April 28th. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Citigroup lifted 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.

Hedge Funds Weigh In On Open Text

Large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Open Text during the fourth quarter valued at $93,216,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Open Text by 75.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after purchasing an additional 2,586,549 shares in the last quarter. Value Partners Investments Inc. raised its stake in shares of Open Text by 1,162.1% during the 1st quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker’s stock worth $58,955,000 after purchasing an additional 2,148,639 shares in the last quarter. JARISLOWSKY FRASER Ltd raised its stake in shares of Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock valued at $522,879,000 after acquiring an additional 1,957,695 shares in the last quarter. Finally, Criteria Caixa S.A.U. acquired a new stake in shares of Open Text during the 4th quarter worth approximately $32,890,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Up 2.9%

NASDAQ OTEX opened at $27.94 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a market cap of $7.25 billion, a PE ratio of 11.36 and a beta of 1.15. The company has a 50 day moving average price of $25.87 and a 200 day moving average price of $27.81. Open Text has a 52 week low of $22.79 and a 52 week high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data 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 for 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 business’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. As a group, sell-side analysts forecast that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Friday, June 6th. Open Text’s dividend payout ratio (DPR) is currently 42.86%.

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.