Open Text (NASDAQ:OTEX) Stock Rating Lowered by StockNews.com

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

A number of other equities research analysts also recently issued reports on OTEX. Barclays decreased their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Scotiabank lowered their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. BMO Capital Markets reduced their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Finally, TD Securities dropped their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, December 30th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.55.

Open Text Trading Down 1.3 %

Shares of Open Text stock opened at $27.50 on Friday. The business has a 50-day moving average price of $29.17 and a 200-day moving average price of $30.91. Open Text has a twelve month low of $26.96 and a twelve month high of $45.47. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 15.90 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. Equities research analysts anticipate that Open Text will post 3.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Text

A number of hedge funds and other institutional investors have recently bought and sold shares of OTEX. Franklin Resources Inc. boosted its position in shares of Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 34,135 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Open Text during the third quarter worth about $499,000. Toronto Dominion Bank increased its holdings in shares of Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after acquiring an additional 362,422 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Open Text by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock valued at $46,460,000 after purchasing an additional 61,696 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Open Text in the 3rd quarter worth approximately $1,521,000. 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.