Open Text Corporation (NASDAQ:OTEX) Receives $34.67 Average Target Price from Analysts

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has earned an average rating of “Hold” from the fourteen analysts that are presently covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $34.6667.

Several equities analysts have weighed in on OTEX shares. Barclays lifted their target price on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Royal Bank Of Canada lowered their target price on Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Raymond James Financial lowered their target price on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. TD Securities raised Open Text to a “hold” rating in a research note on Monday, February 2nd. Finally, Scotiabank lowered their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th.

Open Text Price Performance

NASDAQ OTEX opened at $23.81 on Friday. The stock’s 50-day moving average price is $22.88 and its two-hundred day moving average price is $27.98. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. The company has a market cap of $5.78 billion, a PE ratio of 11.61 and a beta of 1.04. Open Text has a 1 year low of $20.00 and a 1 year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.07. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.82 EPS. On average, analysts predict that Open Text will post 3.98 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s payout ratio is 53.66%.

Hedge Funds Weigh In On Open Text

Several institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in shares of Open Text by 75.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after buying an additional 619,527 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Open Text in the 1st quarter valued at approximately $213,000. EverSource Wealth Advisors LLC grew its stake in shares of Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after buying an additional 570 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Open Text by 3.4% in the 2nd quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after buying an additional 1,612 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Open Text by 16.8% in the 2nd quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after buying an additional 6,700 shares in 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.