Open Text Corporation (NASDAQ:OTEX) Receives $33.67 Average PT from Analysts

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has earned a consensus rating of “Hold” from the fourteen ratings firms that are covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $33.6667.

OTEX has been the subject of several research reports. Barclays lifted their price target on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Royal Bank Of Canada cut their price objective on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. UBS Group set a $25.00 target price on shares of Open Text in a research note on Friday, May 8th. Scotiabank decreased their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Finally, Scotia dropped their price target on shares of 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.

Hedge Funds Weigh In On Open Text

Institutional investors have recently bought and sold shares of the stock. Legacy Wealth Asset Management LLC boosted its position in Open Text by 2.9% during the second quarter. Legacy Wealth Asset Management LLC now owns 21,435 shares of the software maker’s stock worth $475,000 after purchasing an additional 595 shares during the period. Byrne Asset Management LLC raised its position in shares of Open Text by 11.5% in the second quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock valued at $107,000 after purchasing an additional 500 shares during the period. Access Investment Management LLC lifted its stake in shares of Open Text by 60.2% in the first quarter. Access Investment Management LLC now owns 320,215 shares of the software maker’s stock worth $7,122,000 after buying an additional 120,380 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Open Text by 99.1% in the first quarter. Bank of America Corp DE now owns 1,349,545 shares of the software maker’s stock worth $30,014,000 after buying an additional 671,572 shares during the last quarter. Finally, Arkadios Wealth Advisors boosted its holdings in shares of Open Text by 19.0% during the 1st quarter. Arkadios Wealth Advisors now owns 101,259 shares of the software maker’s stock worth $2,252,000 after buying an additional 16,188 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Open Text Price Performance

Shares of OTEX opened at $22.97 on Friday. The business’s 50-day moving average is $22.75 and its 200-day moving average is $24.82. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 11.20 and a beta of 1.04. Open Text has a fifty-two week low of $19.77 and a fifty-two week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.07. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. Equities research analysts expect that Open Text will post 4.05 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were issued a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 4.8%. Open Text’s dividend payout ratio is currently 53.66%.

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.