Citigroup Cuts Open Text (NASDAQ:OTEX) Price Target to $36.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lowered by equities researchers at Citigroup from $38.00 to $36.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target points to a potential upside of 7.98% from the stock’s current price.

A number of other brokerages also recently issued reports on OTEX. TD Cowen restated a “hold” rating and issued a $40.00 price target on shares of Open Text in a research report on Friday, October 3rd. Barclays raised their target price on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Monday, September 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 15th. Finally, National Bankshares set a $45.00 target price on Open Text and gave the company an “outperform” rating in a research report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $39.25.

Open Text Trading Down 1.4%

OTEX traded down $0.47 on Tuesday, hitting $33.34. The company had a trading volume of 137,958 shares, compared to its average volume of 1,275,031. The business’s fifty day simple moving average is $35.41 and its 200 day simple moving average is $33.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60. Open Text has a 12-month low of $22.79 and a 12-month high of $39.90. The company has a market cap of $8.40 billion, a PE ratio of 17.46 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the company earned $0.93 EPS. Equities research analysts expect that Open Text will post 3.45 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. IFP Advisors Inc raised its position in Open Text by 499.7% during the 3rd quarter. IFP Advisors Inc now owns 4,630 shares of the software maker’s stock valued at $173,000 after purchasing an additional 3,858 shares in the last quarter. Swiss Life Asset Management Ltd raised its holdings in shares of Open Text by 3.9% in the third quarter. Swiss Life Asset Management Ltd now owns 133,366 shares of the software maker’s stock valued at $4,990,000 after acquiring an additional 5,000 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Open Text in the third quarter worth about $33,000. Achmea Investment Management B.V. lifted its stake in Open Text by 351.2% in the third quarter. Achmea Investment Management B.V. now owns 152,028 shares of the software maker’s stock worth $5,683,000 after acquiring an additional 118,336 shares during the period. Finally, Kestra Private Wealth Services LLC bought a new position in Open Text during the 3rd quarter worth about $906,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.