Open Text Co. (NASDAQ:OTEX) Receives Average Rating of “Hold” from Analysts

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has received a consensus rating of “Hold” from the twelve ratings firms that are covering the stock, Marketbeat reports. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $35.27.

Several research firms recently commented on OTEX. Scotiabank cut their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $45.00 to $33.00 in a research report on Friday, November 1st. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday. Barclays cut their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Finally, Citigroup decreased their price target on Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th.

Institutional Investors Weigh In On Open Text

A number of institutional investors have recently bought and sold shares of OTEX. Allworth Financial LP increased its holdings in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the period. Blue Trust Inc. increased its stake in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after buying an additional 398 shares during the period. AustralianSuper Pty Ltd lifted its position in Open Text by 23.8% in the 4th quarter. AustralianSuper Pty Ltd now owns 298,046 shares of the software maker’s stock worth $8,424,000 after buying an additional 57,363 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in shares of Open Text by 6.5% during the 4th quarter. Vontobel Holding Ltd. now owns 59,351 shares of the software maker’s stock valued at $1,677,000 after buying an additional 3,600 shares during the period. Finally, Louisbourg Investments Inc. grew its holdings in shares of Open Text by 2.9% during the 4th quarter. Louisbourg Investments Inc. now owns 116,174 shares of the software maker’s stock valued at $3,286,000 after acquiring an additional 3,239 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Up 2.5 %

OTEX opened at $29.95 on Friday. The stock’s fifty day moving average is $28.94 and its 200-day moving average is $30.70. Open Text has a one year low of $26.84 and a one year high of $45.47. The company has a market capitalization of $7.90 billion, a PE ratio of 17.31 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Open Text’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. On average, equities analysts predict that Open Text will post 3.37 EPS for the current fiscal year.

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.