BMO Capital Markets Issues Pessimistic Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by BMO Capital Markets from $33.00 to $32.00 in a research report issued on Friday, MarketBeat.com reports. The firm presently has a “market perform” rating on the software maker’s stock. BMO Capital Markets’ price target suggests a potential upside of 10.42% from the company’s current price.

A number of other equities research analysts have also recently weighed in on OTEX. Scotiabank cut their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Barclays cut their price objective on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target on the stock. in a report on Friday, August 2nd. Finally, CIBC cut their price target on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.90.

Open Text Price Performance

OTEX stock opened at $28.98 on Friday. Open Text has a 1 year low of $27.50 and a 1 year high of $45.47. The company has a market cap of $7.70 billion, a P/E ratio of 16.75 and a beta of 1.13. The firm has a 50-day moving average of $32.73 and a 200 day moving average of $31.56. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Open Text had a net margin of 8.35% and a return on equity of 24.37%. The business’s revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.79 earnings per share. On average, sell-side analysts forecast that Open Text will post 3.23 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bridges Investment Management Inc. lifted its position in Open Text by 13.9% during the third quarter. Bridges Investment Management Inc. now owns 47,330 shares of the software maker’s stock valued at $1,575,000 after purchasing an additional 5,760 shares during the period. Easterly Investment Partners LLC raised its position in Open Text by 5.6% in the third quarter. Easterly Investment Partners LLC now owns 509,800 shares of the software maker’s stock worth $16,966,000 after acquiring an additional 26,841 shares during the period. Moloney Securities Asset Management LLC raised its position in Open Text by 5.1% in the third quarter. Moloney Securities Asset Management LLC now owns 80,428 shares of the software maker’s stock worth $2,677,000 after acquiring an additional 3,910 shares during the period. Van ECK Associates Corp raised its position in Open Text by 5.8% in the third quarter. Van ECK Associates Corp now owns 21,476 shares of the software maker’s stock worth $705,000 after acquiring an additional 1,178 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Open Text by 74.6% in the third quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock worth $290,000 after acquiring an additional 3,719 shares during the period. Institutional investors own 70.37% of the company’s stock.

About Open Text

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.