Open Text (NASDAQ:OTEX) Price Target Raised to $38.00 at UBS Group

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price upped by investment analysts at UBS Group from $32.00 to $38.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. UBS Group’s price objective points to a potential upside of 9.62% from the stock’s previous close.

OTEX has been the subject of several other research reports. Citigroup raised their price objective on shares of Open Text from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Royal Bank Of Canada raised their price target on shares of Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Tuesday, September 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Open Text in a report on Wednesday, October 8th. Finally, TD Cowen reissued a “hold” rating and issued a $40.00 target price on shares of Open Text in a research report on Friday, October 3rd. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $39.42.

Open Text Trading Down 3.7%

OTEX traded down $1.32 on Friday, hitting $34.67. The company had a trading volume of 1,484,550 shares, compared to its average volume of 1,299,408. The company’s fifty day moving average price is $37.21 and its 200 day moving average price is $31.75. Open Text has a 1 year low of $22.79 and a 1 year high of $39.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm has a market cap of $8.73 billion, a P/E ratio of 20.91 and a beta of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion for 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%.Open Text’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. As a group, equities analysts expect that Open Text will post 3.45 earnings per share for the current year.

Institutional Trading of Open Text

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Open Text in the second quarter worth approximately $98,882,000. Brandes Investment Partners LP raised 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 period. Arrowstreet Capital Limited Partnership raised its holdings in 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 worth $225,898,000 after buying an additional 810,352 shares during the period. Letko Brosseau & Associates Inc. lifted its stake in Open Text by 16.2% during the second quarter. Letko Brosseau & Associates Inc. now owns 5,649,818 shares of the software maker’s stock valued at $164,754,000 after buying an additional 789,013 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Open Text by 6.1% in the first quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock worth $281,447,000 after buying an additional 639,514 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

About Open Text

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.