Citigroup Issues Pessimistic Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price cut by Citigroup from $38.00 to $36.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective would suggest a potential upside of 7.99% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Zacks Research upgraded Open Text from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 12th. National Bank Financial raised Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Monday, September 15th. Jefferies Financial Group raised their price target on Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, November 6th. UBS Group boosted their price objective on shares of Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Finally, National Bankshares set a $45.00 price target on Open Text and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $39.25.

Open Text Stock Down 0.0%

Shares of NASDAQ OTEX opened at $33.34 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.60. The company has a 50-day moving average of $35.18 and a 200 day moving average of $33.24. The stock has a market cap of $8.40 billion, a PE ratio of 17.45 and a beta of 1.08. Open Text has a 12-month low of $22.79 and a 12-month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the business posted $0.93 earnings per share. The firm’s revenue was up 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that Open Text will post 3.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Text

Several hedge funds have recently made changes to their positions in OTEX. Norges Bank purchased a new position in shares of Open Text during the 2nd quarter worth about $98,882,000. Brandes Investment Partners LP increased its position in Open Text by 42.7% during the second quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock worth $244,356,000 after purchasing an additional 2,506,058 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Open Text by 456.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after purchasing an additional 1,896,755 shares during the period. Dimensional Fund Advisors LP raised its stake in Open Text by 48.9% during the third quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker’s stock worth $96,914,000 after purchasing an additional 851,303 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted 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 valued at $225,898,000 after purchasing an additional 810,352 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 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.