Analysts Set Open Text Corporation (NASDAQ:OTEX) PT at $39.42

Shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) have been given an average recommendation of “Hold” by the fourteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $39.4167.

OTEX has been the topic of a number of research analyst reports. CIBC lifted their price target on shares of Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, October 29th. Jefferies Financial Group increased their target price on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. Royal Bank Of Canada boosted their price target on Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 2nd. Zacks Research upgraded Open Text from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research note on Monday.

Open Text Stock Down 0.3%

OTEX opened at $33.37 on Wednesday. Open Text has a 12 month low of $22.79 and a 12 month high of $39.90. The business has a 50-day moving average of $35.52 and a two-hundred day moving average of $33.09. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $8.41 billion, a price-to-earnings ratio of 17.47 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the company earned $0.93 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, research analysts expect that Open Text will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Friday, December 5th. Open Text’s payout ratio is 57.59%.

Hedge Funds Weigh In On Open Text

A number of hedge funds have recently made changes to their positions in the business. Plato Investment Management Ltd grew its stake in Open Text by 926.0% in the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock valued at $1,276,000 after purchasing an additional 45,126 shares in the last quarter. Korea Investment CORP raised its stake in shares of Open Text by 107.7% during the 1st quarter. Korea Investment CORP now owns 188,444 shares of the software maker’s stock worth $4,755,000 after purchasing an additional 97,700 shares in the last quarter. Value Partners Investments Inc. lifted its holdings in shares of Open Text by 9.8% during the 2nd quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock valued at $74,709,000 after buying an additional 228,062 shares during the last quarter. Atria Investments Inc bought a new stake in shares of Open Text in the 2nd quarter valued at approximately $302,000. Finally, Brandes Investment Partners LP increased its holdings in Open Text by 42.7% in the second quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock worth $244,356,000 after buying an additional 2,506,058 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 is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.