Open Text Corporation (NASDAQ:OTEX) Given Average Recommendation of “Hold” by Analysts

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has been given a consensus recommendation of “Hold” by the fourteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $38.8333.

OTEX has been the topic of a number of analyst reports. UBS Group lifted their price target on Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Zacks Research downgraded shares of Open Text from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Jefferies Financial Group increased their price target on shares of Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. Finally, CIBC dropped their target price on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a report on Friday, January 16th.

Open Text Price Performance

OTEX stock opened at $23.51 on Thursday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $5.92 billion, a P/E ratio of 12.31 and a beta of 1.08. The firm’s fifty day moving average is $31.50 and its 200 day moving average is $33.53. Open Text has a 52 week low of $22.44 and a 52 week 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 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $1.27 billion. During the same period last year, the firm earned $0.93 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts predict that Open Text will post 3.45 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

A number of hedge funds and other institutional investors have recently made changes to their positions in OTEX. Goldman Sachs Group Inc. boosted its holdings in Open Text by 75.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after acquiring an additional 619,527 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Open Text during the 1st quarter valued at about $213,000. Callan Family Office LLC purchased a new position in shares of Open Text during the second quarter valued at about $250,000. Vest Financial LLC raised its stake in Open Text by 8.2% in the second quarter. Vest Financial LLC now owns 13,769 shares of the software maker’s stock worth $402,000 after buying an additional 1,045 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in Open Text in the second quarter worth about $268,000. Institutional investors 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.