Open Text (NASDAQ:OTEX) Price Target Raised to $35.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective upped by Jefferies Financial Group from $33.00 to $35.00 in a research report report published on Thursday morning, Marketbeat.com reports. They currently have a hold rating on the software maker’s stock.

Other research analysts also recently issued reports about the company. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Monday, September 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Open Text in a research note on Wednesday, October 8th. National Bankshares set a $45.00 price objective on shares of Open Text and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Finally, Citigroup raised their target price on shares of Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus price target of $39.42.

Open Text Trading Down 3.9%

Shares of Open Text stock opened at $34.57 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text has a twelve month low of $22.79 and a twelve month high of $39.90. The firm has a market capitalization of $8.71 billion, a PE ratio of 20.95 and a beta of 1.14. The firm’s 50-day moving average price is $37.24 and its 200 day moving average price is $31.86.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.93 earnings per share. On average, sell-side analysts predict that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, December 5th. Open Text’s payout ratio is presently 57.59%.

Institutional Trading of Open Text

Several institutional investors have recently made changes to their positions in OTEX. Bank of New York Mellon Corp grew its position in Open Text by 24.5% in the first quarter. Bank of New York Mellon Corp now owns 438,892 shares of the software maker’s stock worth $11,086,000 after acquiring an additional 86,487 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Open Text by 24.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 91,358 shares of the software maker’s stock valued at $2,308,000 after purchasing an additional 17,982 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Open Text by 16.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 107,281 shares of the software maker’s stock worth $2,686,000 after purchasing an additional 15,498 shares during the period. Alps Advisors Inc. increased its position in shares of Open Text by 5.8% during the 1st quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker’s stock worth $836,000 after purchasing an additional 1,807 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in Open Text by 42.4% in the 1st quarter. Cerity Partners LLC now owns 47,391 shares of the software maker’s stock valued at $1,197,000 after buying an additional 14,109 shares during the period. Hedge funds and other 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.