Citigroup Forecasts Strong Price Appreciation for Open Text (NASDAQ:OTEX) Stock

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lifted by Citigroup from $30.00 to $32.00 in a research report report published on Friday morning,BayStreet.CA reports. The brokerage currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also recently issued reports on OTEX. Barclays lowered their price objective 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. Scotiabank lowered their price target on 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. TD Securities cut their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. BMO Capital Markets decreased 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. Finally, StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. 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, Open Text currently has a consensus rating of “Hold” and an average price target of $35.18.

Open Text Price Performance

Shares of OTEX stock opened at $27.86 on Friday. The business’s fifty day moving average is $28.85 and its 200 day moving average is $30.61. 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 stock has a market cap of $7.35 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12. Open Text has a twelve month low of $26.84 and a twelve month high of $42.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. Research analysts expect that Open Text will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 3.77%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is presently 42.68%.

Institutional Investors Weigh In On Open Text

A number of large investors have recently made changes to their positions in the company. Cooke & Bieler LP grew its position in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock valued at $178,670,000 after buying an additional 389,220 shares during the period. Toronto Dominion Bank grew its holdings in Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after purchasing an additional 362,422 shares during the period. Crossmark Global Holdings Inc. increased its position in Open Text by 1,290.4% in the third quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock worth $11,209,000 after buying an additional 312,567 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Open Text in the third quarter worth about $8,011,000. Finally, Andra AP fonden lifted its position in shares of Open Text by 386.5% during the 4th quarter. Andra AP fonden now owns 267,600 shares of the software maker’s stock valued at $7,578,000 after buying an additional 212,600 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.