Open Text (NASDAQ:OTEX) Rating Lowered to Buy at Wall Street Zen

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other equities research analysts also recently weighed in on the company. National Bank Financial cut their target price on Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Citigroup dropped their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. Raymond James Financial cut their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Finally, Scotiabank lowered their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Open Text has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Stock Up 5.6%

Open Text stock opened at $23.62 on Tuesday. The company’s 50-day moving average price is $22.64 and its two-hundred day moving average price is $23.97. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 11.52 and a beta of 1.04. Open Text has a 52 week low of $19.77 and a 52 week high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the firm posted $0.82 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. On average, analysts expect that Open Text will post 4.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OTEX. Tidal Investments LLC raised its holdings in shares of Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock worth $527,000 after buying an additional 460 shares in the last quarter. WealthCollab LLC boosted its stake in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares in the last quarter. Byrne Asset Management LLC grew its position in Open Text by 11.5% in the second quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock valued at $107,000 after acquiring an additional 500 shares during the period. Vident Advisory LLC boosted its stake in shares of Open Text by 3.7% in the 4th quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock valued at $512,000 after purchasing an additional 555 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares during the last quarter. 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.