Investment Analysts’ Weekly Ratings Changes for Open Text (OTEX)

Open Text (NASDAQ: OTEX) recently received a number of ratings updates from brokerages and research firms:

• 11/1/2024 – Open Text had its price target lowered by analysts at Scotiabank from $40.00 to $35.00. They now have a “sector perform” rating on the stock.
• 11/1/2024 – Open Text was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating. They now have a $33.00 price target on the stock, down previously from $45.00.
• 11/1/2024 – Open Text had its price target lowered by analysts at Citigroup Inc. from $34.00 to $33.00. They now have a “neutral” rating on the stock.
• 11/1/2024 – Open Text had its price target lowered by analysts at BMO Capital Markets from $33.00 to $32.00. They now have a “market perform” rating on the stock.
• 11/1/2024 – Open Text had its price target lowered by analysts at Barclays PLC from $36.00 to $34.00. They now have an “equal weight” rating on the stock.
• 11/1/2024 – Open Text had its price target lowered by analysts at TD Securities from $40.00 to $38.00. They now have a “buy” rating on the stock.
• 9/25/2024 – Open Text had its price target raised by analysts at Citigroup Inc. from $32.00 to $34.00. They now have a “neutral” rating on the stock.

Open Text Stock Up 1.3 %

OTEX stock opened at $30.49 on Thursday. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market cap of $8.11 billion, a PE ratio of 17.62 and a beta of 1.13. The business has a 50 day moving average of $32.32 and a 200 day moving average of $31.23.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the company earned $0.90 EPS. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, research analysts forecast that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. This represents a $1.05 annualized dividend and a yield of 3.44%. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. Open Text’s dividend payout ratio (DPR) is currently 60.69%.

Institutional Trading of Open Text

Several institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its stake in Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after purchasing an additional 322 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after purchasing an additional 351 shares during the last quarter. Cromwell Holdings LLC boosted its stake in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the last quarter. Blue Trust Inc. boosted its stake in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Open Text during the 1st quarter valued at $32,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.