Open Text (NASDAQ:OTEX) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target raised by stock analysts at Jefferies Financial Group from $33.00 to $35.00 in a report issued on Thursday, Marketbeat reports. The firm currently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s price target points to a potential downside of 2.72% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Citigroup increased their target price on Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Barclays increased their target price on Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 21st. National Bankshares set a $45.00 target price on Open Text and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. TD Securities downgraded Open Text from a “buy” rating to a “hold” rating and raised their price objective for the stock from $35.00 to $40.00 in a report on Friday, October 3rd. Finally, CIBC raised their price objective on Open Text from $34.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.58.

Open Text Price Performance

Shares of NASDAQ:OTEX traded down $2.04 on Thursday, hitting $35.98. The company had a trading volume of 2,184,044 shares, compared to its average volume of 1,298,251. 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 52-week low of $22.79 and a 52-week high of $39.90. The business has a 50 day moving average of $37.15 and a 200 day moving average of $31.72. The company has a market cap of $9.07 billion, a PE ratio of 21.81 and a beta of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued 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. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the business earned $0.93 earnings per share. The business’s revenue was up 1.5% on a year-over-year basis. As a group, equities analysts anticipate that Open Text will post 3.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

A number of hedge funds have recently bought and sold shares of OTEX. Norges Bank acquired a new stake in Open Text during the 2nd quarter valued at approximately $98,882,000. Brandes Investment Partners LP lifted its holdings in Open Text by 42.7% during the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock worth $244,356,000 after buying an additional 2,506,058 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Open Text by 11.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock worth $225,898,000 after purchasing an additional 810,352 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its holdings in shares of Open Text by 16.2% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 5,649,818 shares of the software maker’s stock worth $164,754,000 after purchasing an additional 789,013 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Open Text by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock worth $281,447,000 after purchasing an additional 639,514 shares during the last quarter. Institutional investors and hedge funds 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.