Open Text (NASDAQ:OTEX) Upgraded at TD Securities

TD Securities upgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) to a hold rating in a report published on Monday morning,Zacks.com reports.

A number of other equities research analysts have also issued reports on OTEX. Barclays upped their target price on Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 21st. CIBC reduced their price objective on Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. Citigroup decreased their price objective on Open Text from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 23rd. Jefferies Financial Group boosted their target price on shares of Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, November 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a report on Monday, December 29th. 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, the stock has an average rating of “Hold” and a consensus price target of $38.83.

Open Text Price Performance

Open Text stock opened at $23.51 on Monday. The firm has a market capitalization of $5.92 billion, a PE ratio of 12.31 and a beta of 1.08. Open Text has a 52 week low of $22.44 and a 52 week high of $39.90. The firm’s 50-day simple moving average is $31.50 and its 200 day simple moving average is $33.53. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion during 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 firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 earnings per share. On average, equities research analysts predict that Open Text will post 3.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Open Text in the 2nd quarter worth $98,882,000. Brandes Investment Partners LP increased its holdings in Open Text by 42.7% during the 2nd 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 position in shares of Open Text by 456.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock valued at $86,429,000 after purchasing an additional 1,896,755 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Open Text by 48.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker’s stock valued at $96,914,000 after buying an additional 851,303 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Open Text by 11.7% during 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 buying an additional 810,352 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

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.