Open Text (NASDAQ:OTEX) Price Target Cut to $30.00 by Analysts at Royal Bank of Canada

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Royal Bank of Canada from $31.00 to $30.00 in a report published on Tuesday morning,BayStreet.CA reports. The brokerage currently has a sector perform rating on the software maker’s stock.

Other equities analysts have also issued research reports about the stock. Barclays decreased their price target on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday. Citigroup lifted their target price on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Finally, TD Securities cut their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.45.

Open Text Stock Performance

Open Text stock opened at $25.47 on Tuesday. The stock has a fifty day moving average price of $25.86 and a 200 day moving average price of $28.50. Open Text has a 52 week low of $22.79 and a 52 week high of $36.39. The firm has a market capitalization of $6.61 billion, a P/E ratio of 10.35 and a beta of 1.13. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Equities research analysts anticipate that Open Text will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 4.12%. Open Text’s dividend payout ratio (DPR) is 42.68%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Choreo LLC purchased a new stake in Open Text during the 4th quarter worth $564,000. Franklin Resources Inc. grew its stake in shares of Open Text by 19.9% during the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock valued at $7,086,000 after acquiring an additional 34,135 shares in the last quarter. Canoe Financial LP increased its position in shares of Open Text by 127.3% during the fourth quarter. Canoe Financial LP now owns 150,000 shares of the software maker’s stock worth $4,242,000 after acquiring an additional 84,000 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Open Text in the fourth quarter worth about $2,372,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Open Text by 30.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker’s stock valued at $4,705,000 after purchasing an additional 39,266 shares during the last quarter. 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.