Open Text (NASDAQ:OTEX) Raised to “Hold” at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by equities researchers at TD Securities to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

OTEX has been the topic of several other reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. CIBC dropped their price objective on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, January 16th. Barclays lifted their price objective on shares of Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 21st. UBS Group upped their target price on shares of Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Finally, Zacks Research cut Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.83.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $24.75 on Monday. The company has a market cap of $6.23 billion, a PE ratio of 12.96 and a beta of 1.08. Open Text has a fifty-two week low of $22.79 and a fifty-two week high of $39.90. The firm has a 50-day simple moving average of $31.92 and a 200 day simple moving average of $33.64. 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 (NASDAQ:OTEX) (TSE:OTC) last issued 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 company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a return on equity of 23.44% and a net margin of 9.60%.Open Text’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 earnings per share. On average, sell-side analysts anticipate that Open Text will post 3.45 EPS for the current year.

Institutional Investors Weigh In On Open Text

Several hedge funds and other institutional investors have recently bought and sold shares of the business. JARISLOWSKY FRASER Ltd grew its stake in shares of Open Text by 0.6% in the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock worth $790,736,000 after purchasing an additional 117,436 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Open Text by 2.0% during the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after buying an additional 229,758 shares in the last quarter. First Trust Advisors LP grew its position in Open Text by 9.3% in the third quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after buying an additional 765,366 shares during the last quarter. Brandes Investment Partners LP increased its holdings in shares of Open Text by 42.7% in the second quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock valued at $244,356,000 after buying an additional 2,506,058 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Open Text by 11.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock valued at $225,898,000 after acquiring an additional 810,352 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

About Open Text

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.