Wall Street Zen Upgrades Open Text (NASDAQ:OTEX) to Buy

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Several other analysts have also weighed in on the company. National Bank Financial decreased their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. UBS Group boosted their price objective on shares of Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Scotiabank reduced their target price on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Finally, Royal Bank Of Canada lowered their target price on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $32.46.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $23.95 on Friday. The business’s 50 day moving average is $23.95 and its two-hundred day moving average is $23.35. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81. Open Text has a 1-year low of $19.77 and a 1-year high of $39.90. The stock has a market capitalization of $5.80 billion, a P/E ratio of 9.28 and a beta of 1.02.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.21. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.97 EPS. As a group, research analysts expect that Open Text will post 3.72 EPS for the current year.

Institutional Trading of Open Text

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kimelman & Baird LLC bought a new position in shares of Open Text in the second quarter worth about $27,000. CIBC Private Wealth Group LLC bought a new stake in Open Text during the 3rd quarter valued at about $33,000. Global Retirement Partners LLC bought a new stake in Open Text during the 2nd quarter valued at about $34,000. WealthCollab LLC boosted its position in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its stake in Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Open Text

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.