Open Text (NASDAQ:OTEX) Price Target Cut to $35.00 by Analysts at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by research analysts at TD Securities from $38.00 to $35.00 in a note issued to investors on Sunday,BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. TD Securities’ price objective would indicate a potential upside of 21.15% from the stock’s current price.

A number of other research analysts have also commented on OTEX. UBS Group began coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target for the company. Barclays raised their price target on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Citigroup raised their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Royal Bank of Canada reduced their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Open Text has an average rating of “Hold” and an average target price of $35.18.

Open Text Stock Up 3.7 %

Shares of Open Text stock opened at $28.89 on Friday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text has a 52-week low of $26.84 and a 52-week high of $41.96. The company’s 50 day moving average price is $28.85 and its 200-day moving average price is $30.61. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 11.74 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) 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%. Equities research analysts forecast that Open Text will post 3.37 EPS for the current year.

Institutional Trading of Open Text

Several hedge funds and other institutional investors have recently made changes to their positions in OTEX. Generali Asset Management SPA SGR bought a new stake in Open Text in the fourth quarter worth $62,000. Brandes Investment Partners LP raised its position in shares of Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after purchasing an additional 1,017,065 shares during the last quarter. Achmea Investment Management B.V. grew its position in Open Text by 5.5% during the 4th quarter. Achmea Investment Management B.V. now owns 103,332 shares of the software maker’s stock valued at $2,923,000 after purchasing an additional 5,408 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Open Text during the 4th quarter valued at about $8,685,000. Finally, Farther Finance Advisors LLC raised its holdings in Open Text by 15.4% in the fourth quarter. Farther Finance Advisors LLC now owns 10,041 shares of the software maker’s stock worth $284,000 after buying an additional 1,340 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.