Open Text (NASDAQ:OTEX) Price Target Cut to $38.00 by Analysts at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by analysts at TD Securities from $40.00 to $38.00 in a report released on Monday,BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. TD Securities’ target price would indicate a potential upside of 34.23% from the stock’s previous close.

Several other research analysts have also recently issued reports on OTEX. Citigroup cut their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 25th. UBS Group initiated coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Finally, Scotiabank lowered their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.55.

Open Text Stock Up 0.6 %

Shares of NASDAQ:OTEX opened at $28.31 on Monday. The firm has a fifty day moving average of $30.06 and a 200 day moving average of $31.00. Open Text has a 52-week low of $27.05 and a 52-week high of $45.47. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $7.49 billion, a PE ratio of 16.36 and a beta of 1.11.

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

Institutional Trading of Open Text

A number of institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its position in Open Text by 15.9% during the second quarter. Van ECK Associates Corp now owns 20,298 shares of the software maker’s stock valued at $610,000 after purchasing an additional 2,791 shares during the period. CIBC Asset Management Inc increased its position in Open Text by 2.6% during the second quarter. CIBC Asset Management Inc now owns 1,022,387 shares of the software maker’s stock valued at $30,681,000 after acquiring an additional 25,665 shares during the last quarter. Cooke & Bieler LP lifted its holdings in Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after acquiring an additional 867,978 shares during the period. National Bank of Canada FI boosted its position in Open Text by 17.5% in the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after purchasing an additional 599,790 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. increased its position in shares of Open Text by 16.8% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 3,929,040 shares of the software maker’s stock valued at $117,956,000 after purchasing an additional 566,150 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 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.