Royal Bank Of Canada Issues Pessimistic Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lowered by analysts at Royal Bank Of Canada from $35.00 to $33.00 in a research note issued to investors on Monday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the software maker’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 16.03% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. CIBC decreased their price objective on Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, January 16th. TD Securities cut Open Text from a “buy” rating to a “hold” rating and increased their target price for the company from $35.00 to $40.00 in a report on Friday, October 3rd. UBS Group raised their price target on Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Finally, Citigroup lowered their price objective on Open Text from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, December 23rd. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, Open Text has an average rating of “Hold” and a consensus price target of $38.83.

Open Text Price Performance

OTEX opened at $28.44 on Monday. The stock has a 50-day moving average price of $32.48 and a 200-day moving average price of $33.70. The stock has a market capitalization of $7.16 billion, a P/E ratio of 14.89 and a beta of 1.08. Open Text has a 12-month low of $22.79 and a 12-month high of $39.90. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.60.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the business earned $0.93 earnings per share. Equities analysts predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

A number of large investors have recently modified their holdings of OTEX. CIBC Private Wealth Group LLC bought a new position in Open Text in the third quarter worth about $33,000. Sagard Holdings Management Inc. bought a new position in shares of Open Text in the 2nd quarter worth approximately $30,000. MAI Capital Management lifted its stake in shares of Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after purchasing an additional 590 shares during the period. Cromwell Holdings LLC boosted its position in shares of Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after purchasing an additional 352 shares in the last quarter. Finally, WealthCollab LLC grew its stake in Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Institutional investors own 70.37% of the company’s stock.

About Open Text

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.