Open Text (NASDAQ:OTEX) Price Target Cut to $32.00 by Analysts at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective decreased by Citigroup from $37.00 to $32.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

A number of other analysts have also recently issued reports on the company. Scotiabank reissued a sector perform rating on shares of Open Text in a research report on Friday, May 3rd. Raymond James lowered their target price on shares of Open Text from $55.00 to $48.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a report on Saturday, May 11th. BMO Capital Markets cut shares of Open Text from an outperform rating to a market perform rating and decreased their price target for the stock from $50.00 to $38.00 in a research note on Friday, May 3rd. Finally, Barclays dropped their price objective 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $41.50.

Open Text Stock Performance

Shares of Open Text stock opened at $29.65 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text has a 52 week low of $27.54 and a 52 week high of $45.47. The firm’s 50 day moving average is $30.89 and its two-hundred day moving average is $36.78. The firm has a market capitalization of $8.00 billion, a P/E ratio of 47.82 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.84 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.43 billion. Research analysts forecast that Open Text will post 3.79 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st were issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a yield of 5.87%. The ex-dividend date was Friday, May 31st. This is a positive change from Open Text’s previous quarterly dividend of $0.25. Open Text’s payout ratio is currently 159.68%.

Institutional Trading of Open Text

Several hedge funds have recently modified their holdings of OTEX. Optiver Holding B.V. purchased a new position in Open Text in the fourth quarter worth $27,000. Pacifica Partners Inc. acquired a new stake in shares of Open Text in the fourth quarter valued at about $32,000. Headlands Technologies LLC purchased a new stake in Open Text during the first quarter worth about $32,000. Assetmark Inc. acquired a new position in Open Text during the fourth quarter worth about $48,000. Finally, EverSource Wealth Advisors LLC increased its holdings 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 buying an additional 334 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

About Open Text

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.