Open Text (NASDAQ:OTEX) Raised to Strong-Buy at Wall Street Zen

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

Several other equities research analysts also recently weighed in on OTEX. Royal Bank Of Canada cut their target price on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Raymond James Financial decreased their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Citigroup dropped their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Scotia cut their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $33.67.

Open Text Stock Performance

Shares of Open Text stock opened at $23.27 on Monday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 11.35 and a beta of 1.04. The business has a 50-day moving average of $22.72 and a 200 day moving average of $24.38. Open Text has a 12 month low of $19.77 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that Open Text will post 4.05 earnings per share for the current year.

Institutional Investors Weigh In On Open Text

Institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC purchased a new position in Open Text in the third quarter valued at approximately $33,000. WealthCollab LLC lifted its position in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after buying an additional 1,580 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position 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 valued at $59,000 after buying an additional 570 shares during the last quarter. Hedge funds and other 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.