Barclays Issues Positive Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target hoisted by Barclays from $34.00 to $36.00 in a research note published on Friday,Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

A number of other equities research analysts have also weighed in on the stock. UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Scotiabank lowered 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. Finally, TD Securities reduced their price target on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Down 5.7 %

OTEX opened at $27.86 on Friday. 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 business’s fifty day simple moving average is $28.85 and its 200 day simple moving average is $30.61. Open Text has a 52 week low of $26.84 and a 52 week high of $42.17. The stock has a market cap of $7.35 billion, a PE ratio of 11.33 and a beta of 1.12.

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, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.33% and a net margin of 12.21%. As a group, research analysts expect that Open Text will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared 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 yield of 3.77%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is 42.68%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Cooke & Bieler LP boosted its stake in shares of Open Text by 6.6% during the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock valued at $178,670,000 after purchasing an additional 389,220 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Open Text by 1.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker’s stock valued at $1,857,000 after acquiring an additional 947 shares in the last quarter. Amundi boosted its position in Open Text by 15.3% during the 4th quarter. Amundi now owns 526,409 shares of the software maker’s stock valued at $14,671,000 after acquiring an additional 69,686 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. raised its position in shares of Open Text by 34.1% in the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 264,108 shares of the software maker’s stock worth $7,465,000 after acquiring an additional 67,209 shares in the last quarter. Finally, Andra AP fonden raised its position in shares of Open Text by 386.5% in the 4th quarter. Andra AP fonden now owns 267,600 shares of the software maker’s stock worth $7,578,000 after acquiring an additional 212,600 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.