TD Securities Has Lowered Expectations for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price dropped by stock analysts at TD Securities from $40.00 to $38.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the software maker’s stock. TD Securities’ target price indicates a potential upside of 35.67% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. UBS Group assumed coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. StockNews.com raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 17th. Scotiabank reduced their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Barclays lowered their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Finally, Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.55.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $28.01 on Tuesday. Open Text has a 12-month low of $27.05 and a 12-month high of $45.47. The company’s 50 day moving average price is $30.41 and its two-hundred day moving average price is $31.01. The firm has a market cap of $7.45 billion, a PE ratio of 16.19 and a beta of 1.11. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The firm’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 earnings per share. Equities research analysts predict that Open Text will post 3.37 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

A number of hedge funds have recently modified their holdings of OTEX. Ridgewood Investments LLC bought a new position in Open Text during the 2nd quarter worth $30,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares during the period. Kimelman & Baird LLC bought a new stake in Open Text in the second quarter valued at approximately $36,000. Cromwell Holdings LLC boosted its holdings in Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares during the last quarter. Finally, Essex LLC bought a new position in Open Text during the 3rd quarter worth approximately $210,000. Institutional investors and hedge funds 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.