Analysts Set Open Text Corporation (NASDAQ:OTEX) PT at $32.30

Shares of Open Text Corporation (NASDAQ:OTEXGet Free Report) (TSE:OTC) have earned a consensus rating of “Hold” from the eleven brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $32.30.

A number of equities research analysts have weighed in on the company. Citigroup raised their price target on Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a research report on Friday, May 2nd. National Bankshares reduced their price target on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Friday, April 25th. UBS Group decreased their price target on Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Barclays lowered their price objective on Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Finally, BMO Capital Markets lowered their price objective on Open Text from $30.00 to $28.00 and set a “market perform” rating for the company in a research report on Friday, May 2nd.

Check Out Our Latest Research Report on OTEX

Open Text Trading Down 0.7%

NASDAQ OTEX opened at $28.68 on Wednesday. The stock’s 50-day simple moving average is $27.69 and its two-hundred day simple moving average is $27.40. Open Text has a twelve month low of $22.79 and a twelve month high of $34.20. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of 11.71 and a beta of 1.13.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last released its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was down 13.3% on a year-over-year basis. Research analysts forecast that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.2625 per share. The ex-dividend date was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.66%. Open Text’s dividend payout ratio is presently 42.86%.

Hedge Funds Weigh In On Open Text

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JARISLOWSKY FRASER Ltd raised its holdings in shares of Open Text by 11.8% during the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock valued at $522,879,000 after acquiring an additional 1,957,695 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Open Text by 6.1% during the first quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock valued at $281,447,000 after acquiring an additional 639,514 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Open Text by 9.5% during the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker’s stock valued at $205,925,000 after acquiring an additional 632,437 shares in the last quarter. Cooke & Bieler LP raised its holdings in shares of Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock valued at $178,670,000 after acquiring an additional 389,220 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock valued at $169,555,000 after acquiring an additional 2,586,549 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

About Open Text

(Get Free Report

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.

See Also

Analyst Recommendations for Open Text (NASDAQ:OTEX)

Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.