Open Text Corporation (NASDAQ:OTEX) Given Consensus Rating of “Hold” by Brokerages

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has earned a consensus rating of “Hold” from the fourteen brokerages that are currently covering the company, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $34.6667.

A number of research firms recently weighed in on OTEX. Scotiabank decreased their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Citigroup decreased their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Scotia decreased their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Finally, Barclays increased their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th.

Institutional Trading of Open Text

Large investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC acquired a new stake in Open Text during the 3rd quarter worth about $33,000. Caitong International Asset Management Co. Ltd grew its holdings in Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares during the period. WealthCollab LLC grew its holdings in Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after acquiring an additional 464 shares during the period. Osaic Holdings Inc. grew its holdings in Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares during the period. Finally, Barclays PLC grew its holdings in Open Text by 55.5% during the 4th quarter. Barclays PLC now owns 1,854 shares of the software maker’s stock worth $60,000 after acquiring an additional 662 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Up 0.5%

Shares of OTEX opened at $22.93 on Friday. Open Text has a 52 week low of $20.00 and a 52 week high of $39.90. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 11.19 and a beta of 1.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a fifty day moving average of $22.77 and a 200-day moving average of $27.76.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.Open Text’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 earnings per share. As a group, sell-side analysts anticipate that Open Text will post 3.98 earnings per share for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Friday, June 5th. Open Text’s dividend payout ratio is presently 53.66%.

Open Text Company Profile

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.