Open Text (NASDAQ:OTEX) Price Target Lowered to $36.00 at CIBC

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by CIBC from $38.50 to $36.00 in a research note published on Friday morning, MarketBeat.com reports. CIBC currently has a neutral rating on the software maker’s stock.

Several other research firms have also issued reports on OTEX. Citigroup decreased their target price on Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. BMO Capital Markets lowered shares of Open Text from an outperform rating to a market perform rating and lowered their price objective for the company from $50.00 to $38.00 in a research note on Friday, May 3rd. Barclays cut their target price on shares of Open Text from $44.00 to $38.00 and set an equal weight rating on the stock in a research note on Friday, May 3rd. Jefferies Financial Group reduced their target price on shares of Open Text from $45.00 to $42.00 and set a buy rating on the stock in a report on Friday, May 3rd. Finally, TD Securities dropped their price target on shares of Open Text from $54.00 to $40.00 and set a buy rating for the company in a research note on Friday, May 3rd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $42.00.

Open Text Price Performance

Shares of OTEX opened at $29.69 on Friday. The firm has a 50-day simple moving average of $31.19 and a two-hundred day simple moving average of $37.02. The stock has a market cap of $8.01 billion, a PE ratio of 47.89 and a beta of 1.11. Open Text has a 1-year low of $27.54 and a 1-year high of $45.47. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts forecast that Open Text will post 3.79 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were given a dividend of $0.435 per share. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a dividend yield of 5.86%. The ex-dividend date of this dividend was Friday, May 31st. Open Text’s dividend payout ratio is currently 159.68%.

Institutional Investors Weigh In On Open Text

Several institutional investors have recently added to or reduced their stakes in OTEX. Boston Partners lifted its position in shares of Open Text by 0.5% during the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock worth $2,527,000 after buying an additional 318 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after acquiring an additional 334 shares in the last quarter. Chase Investment Counsel Corp grew its holdings in shares of Open Text by 6.9% during the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock worth $319,000 after purchasing an additional 528 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Open Text during the fourth quarter worth about $27,000. Finally, Bank of Nova Scotia Trust Co. lifted its holdings in shares of Open Text by 5.5% in the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 12,222 shares of the software maker’s stock valued at $429,000 after purchasing an additional 634 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 provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.