Open Text (NASDAQ:OTEX) PT Lowered to $37.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target dropped by Citigroup from $42.00 to $37.00 in a report released on Friday, BayStreet.CA reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective would indicate a potential upside of 22.31% from the company’s previous close.

Several other analysts also recently weighed in on OTEX. StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, February 6th. Barclays dropped their price target on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday. Jefferies Financial Group began coverage on Open Text in a report on Tuesday, February 27th. They issued a “buy” rating and a $45.00 price objective for the company. National Bankshares dropped their target price on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday. Finally, CIBC boosted their price target on shares of Open Text from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.25.

Open Text Trading Down 14.7 %

Open Text stock traded down $5.22 during mid-day trading on Friday, hitting $30.25. The company’s stock had a trading volume of 3,705,104 shares, compared to its average volume of 643,007. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. The company has a 50 day moving average of $37.48 and a 200-day moving average of $38.73. Open Text has a one year low of $28.19 and a one year high of $45.47. The stock has a market cap of $8.25 billion, a PE ratio of 63.85 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, topping the consensus estimate of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. On average, research analysts anticipate that Open Text will post 4.14 EPS for the current year.

Institutional Trading of Open Text

A number of institutional investors have recently made changes to their positions in OTEX. Optiver Holding B.V. purchased a new stake in Open Text in the fourth quarter valued at about $27,000. Pacifica Partners Inc. acquired a new position in shares of Open Text during the fourth quarter valued at about $32,000. Allworth Financial LP raised its position in shares of Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after purchasing an additional 533 shares during the last quarter. Assetmark Inc. acquired a new stake in Open Text in the 4th quarter worth approximately $48,000. Finally, EverSource Wealth Advisors LLC grew its position in Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after purchasing an additional 334 shares during the last quarter. Institutional investors and hedge funds 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.