Open Text Co. (NASDAQ:OTEX) Given Consensus Rating of “Hold” by Analysts

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have been assigned an average recommendation of “Hold” from the eleven research firms that are covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $38.89.

A number of analysts have recently issued reports on OTEX shares. Jefferies Financial Group lowered their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research report on Friday, August 2nd. BMO Capital Markets decreased their price target on Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. Finally, Barclays lowered their price objective on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th.

Open Text Trading Down 0.3 %

NASDAQ OTEX opened at $33.94 on Friday. Open Text has a 12 month low of $27.50 and a 12 month high of $45.47. The stock has a market cap of $9.16 billion, a P/E ratio of 54.74 and a beta of 1.12. The stock’s fifty day moving average price is $32.44 and its 200-day moving average price is $31.89. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 earnings per share. As a group, equities analysts forecast that Open Text will post 3.23 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a dividend of $0.192 per share. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio is currently 169.35%.

Institutional Trading of Open Text

A number of institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in shares of Open Text by 20.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 685,944 shares of the software maker’s stock valued at $28,823,000 after purchasing an additional 118,663 shares during the period. Vanguard Group Inc. increased its holdings in shares of Open Text by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock valued at $428,986,000 after acquiring an additional 123,090 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Open Text by 27.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,692 shares of the software maker’s stock valued at $197,000 after purchasing an additional 1,023 shares during the last quarter. Galibier Capital Management Ltd. bought a new stake in shares of Open Text during the 1st quarter valued at about $15,522,000. Finally, Tobam lifted its holdings in Open Text by 102.3% in the first quarter. Tobam now owns 6,474 shares of the software maker’s stock worth $251,000 after acquiring an additional 3,274 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.