Open Text (NASDAQ:OTEX) Price Target Cut to $33.00 by Analysts at National Bank Financial

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target reduced by stock analysts at National Bank Financial from $45.00 to $33.00 in a report issued on Wednesday,BayStreet.CA reports. The firm presently has an “outperform” rating on the software maker’s stock. National Bank Financial’s price objective points to a potential upside of 44.57% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. TD Securities upgraded shares of Open Text to a “hold” rating in a research note on Monday, February 2nd. Scotia reduced their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Raymond James Financial reduced their price objective on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Finally, Barclays raised their price objective on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Price Performance

Shares of NASDAQ OTEX traded down $0.58 during midday trading on Wednesday, hitting $22.83. The company had a trading volume of 1,115,051 shares, compared to its average volume of 2,154,310. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text has a twelve month low of $20.00 and a twelve month high of $39.90. The business has a 50-day simple moving average of $22.74 and a two-hundred day simple moving average of $27.35. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 11.15 and a beta of 1.04.

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

Hedge Funds Weigh In On Open Text

Several hedge funds have recently added to or reduced their stakes in the business. Cidel Asset Management Inc. grew its holdings in shares of Open Text by 4.5% during the third quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock worth $36,389,000 after buying an additional 41,867 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of Open Text during the third quarter worth about $11,668,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Open Text by 456.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after buying an additional 1,896,755 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Open Text during the third quarter worth about $10,052,000. Finally, Public Sector Pension Investment Board grew its holdings in shares of Open Text by 257.3% during the third quarter. Public Sector Pension Investment Board now owns 89,452 shares of the software maker’s stock worth $3,344,000 after buying an additional 64,416 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.