Open Text (NASDAQ:OTEX) Cut to Buy at StockNews.com

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Other equities analysts have also issued reports about the stock. BMO Capital Markets cut their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. TD Securities lowered their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, December 30th. Barclays cut their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. UBS Group began coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Finally, Scotiabank reduced their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.55.

Open Text Stock Down 1.3 %

OTEX stock opened at $27.50 on Friday. The company has a market capitalization of $7.27 billion, a P/E ratio of 15.90 and a beta of 1.12. Open Text has a 12 month low of $26.96 and a 12 month high of $45.47. The firm’s fifty day simple moving average is $29.17 and its 200-day simple moving average is $30.91. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, equities research analysts forecast that Open Text will post 3.37 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its stake in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Open Text during the 2nd quarter worth $36,000. Cromwell Holdings LLC lifted its holdings in shares of Open Text by 29.6% in 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. Essex LLC purchased a new position in shares of Open Text during the third quarter worth approximately $210,000. Finally, Net Worth Advisory Group purchased a new position in Open Text during the 3rd quarter worth $226,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.